On form 1099-k (payer's reported income) if I follow the instructions for the Cost of Goods Sold (add new 1099k form add desc a negative # COGS form review rtns REVIEW

[joeberman69]

SEE instructions below - with a negitive number the form validation says to REVIEW that section??
----------------------
Scroll down the Wages and Income page and select Less Common Income
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Scroll down to Other reportable income and select Start 
Choose Yes on the Any Other Taxable Income? screen
In the Description field, enter Form 1099-K Costs of Goods Sold
In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done

[JamesG1]

Cost of Goods Sold may be reported under a self-employment activity.  Under your self-employment activity, at the screen Here's your info, select Add expenses for this work.  Select Inventory.

To report Self-employment income for an IRS form 1099-K, follow these directions.

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click Show more to the right of Other Common Income.
• Under Your income and expenses, click the Edit/Add button to the right of Form 1099-K.
• At the screen Did you get a 1099-K? click Yes.
• At the screen How would you like to enter your 1099-K? click Type it in myself.  Click Continue.
• At the screen Choose which type of income your 1099-K is for, select the button for Self-employment income.  Click Continue.
• At the screen Let’s get the info from your 1099-K, enter the information.      Click Continue.
• At the screen Your Self-employment 1099-K income, you enter further information for the Self-employment income.  Click Continue.
• At the screen Your 1099-K summary, notice that the income relates to Self-employment income.  Click Done.

The entry will be reported:

• on Schedule C of the Federal 1040 tax return, and
• on Schedule SE of the Federal 1040 tax return, and 
• on line 3 of Schedule 1 of the Federal 1040 tax return, and 
• on line 8 of the Federal 1040 tax return.

Additional information about your self-employment income and Schedule C will need to be entered.

@joeberman69