using turbotax Deluxe, how do you enter the specific details of personal items sold through ebay which gave me a 1099-K.

[stantonporsche]

For example, I got 1099-K of 20,000 of sales, multiple items about 200.  I took a loss on all 200 items. 

Where on Turbotax Deluxe do you enter these details?  there is a box to enter amount for 1099-K but there is not area  to input the details such as description item, date purchased, date sold, cost basis

I believe turbotax premier and higher allows for this but nowhere is there a place in deluxe version. 

I was told that you can go to less common income section, miscellaneous income 

input description: 1099-K personal item sales, amount of : 20,000

then add another income item:  1099-K personal item sales, amount of :   -20,000

total miscellaneous income: 0    

hence no tax is generated.   however, i believe this might create an audit because there is no information on the items you sold.    

there is one area when researching this on internet:  information needs to be generated on form 8949

only way I can do this on deluxe is through the stocks, bonds section

last question: do I need to list out all 200 items I sold? 

[rjs]

Do not enter the details of each item, and do not list all 200 items. There is no place for that information on the tax return. Keep the information with your tax records in case the IRS asks about it, but they are not likely to ask. Just enter the totals. When you enter the 1099-K in TurboTax it will lead you through the entries and TurboTax will make the appropriate entries on your tax return.

When you sell personal items at a loss, you do not report the sales on Form 8949.

[stantonporsche]

i was following this video on youtube and I the person must be using Premier version.

he did the step by step on Premier turbotax and at the end information was noted on a 8949 form 

TurboTax 2022 Form 1040 - Enter Form 1099-K for Losses on Personal Use Items - YouTube

enter jason D. Knott if the link doesn't work

[VolvoGirl]

Yes you need to upgrade to Premier to enter sales.  Or any Desktop program.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 

[stantonporsche]

but i already purchased the turbotax deluxe and cannot return it.   so i am trying to do a work around 

[VolvoGirl]

Oh did you buy the Desktop Deluxe?  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.   Or if you bought the Desktop program you might accidentally be using the Online version by mistake.  That happens.  We can help you switch to the program you bought.  Do you have a black or grey menu bar down the left side?  That is the Online web version.  The Desktop program has the tabs going across the top.

[stantonporsche]

no it is the CD from costco 

[rjs]

See the following for instructions to upgrade your TurboTax CD software.

How do I upgrade my TurboTax for Windows software?

[stantonporsche]

there is a flaw in turbo tax deluxe because it does not bring you to place where you can enter the loss. 

in other words, nothing on Schedule 1 and form 8949 never gets generated

According to IRS, for personal items took for a loss you need to put amount on 1099K on line 8z 

Form 1099-K Personal Item Sold at a Loss.(.  $2000 for example) 

schedule 1 part 2: line 24z : Form 1099-K Personal Item Sold at a Loss.( $2000 to offset) 

since turbo tax does not bring you to a place to enter this, can you enter it manually?

[rjs]

If you go through the 1099-K interview it will make the necessary entries on Schedule 1 line 8z. Line 24z is not used this year.

In the Search box type 1099-k, then click the link that says "Jump to 1099-k." Or use the following steps.

• Click Federal Taxes.
• Click Wages & Income.
• Click "I'll choose what I work on."
• Scroll down to "1099-MISC and Other Common Income." Click the Start or Update button for "Income from Form 1099-K."

On the screen that asks what kind of income your 1099-K is for, select "Personal item sales."

[stantonporsche]

the work around in turbotax deluxe is to enter info on stocks, bonds section

enter code F for long term sales not provided on 1099-B 

(assume long term item sold)

it treats person item as a stock I believe but you can give description of the item

this will generate a 8949 

  to generate on line 8z schedule 1,

Miscellaneous Income, 1099-A, 1099-C

enter two items

person item at loss: 200

person item at loss : -200

this will put both items at zero on line 8z but I guess you can manually enter 200 

how do you know 24z should be left blank?

 with line 24z( turbotax cannot generate number here to offset) 

wondering if can manually enter 200 on line 24z

but will this cause filing issues or program issues 

[rjs]

There is no way to make an entry on Schedule 1 line 24z. It's not that line 24z should be left blank. It's that TurboTax, and some other tax software providers, have not implemented line 24z for 2022. (Line 24z is new this year.) Since some tax software programs do not provide any way to make an entry on line 24z, the IRS is accepting a negative entry on line 8z as an alternative for 2022 tax returns.