1099-K for reunion ticket sales balanced by expenses

Forum|Forum|11 months ago
April 7, 2025
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A few issues with Eventbrite's 1099-K for proceeds from ticket sales to my high school reunion:

1. The 1099-K lists 2024 sales; sales in 2023 did not reach the reporting threshhold.

2. Proceeds were used to pay vendors, and the surplus was donated to the school's Alumni Association which is a 501(c)(3) resulting in a to-the-penny wash.

So the 1099-K figure is entered, but I also want to enter the expenses and donations. Where and how? And since 2023 sales aren't listed on this 1099-K, will the resulting "deficit" be a red flag?

Thanks.

JamesG1

Is the IRS form 1099-K reporting proceeds into your personal income tax return, a business tax return or a not-for-profit organization? Please clarify.

If the proceeds are reported on your personal income tax return, are you running it through self-employment income on a Schedule C Profit and Loss From Business?

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weirdscienceAuthor

The 1099-K is issued in MY name.

Eventbrite transferred ticket sale proceeds to my business checking, I do not have a unique TIN for my business, I simply have used my SS for over a quarter century. My business is legally "Bizname aka MyName."

The expenses were also paid through my business checking since that's where the proceeds were, and the surplus was donated to the Alumni Assn from my business checking.

I found another thread that appears applicable (link below), but I can't seem to access this form in TurboTax. Looks like Intuit removed the option to switch from the "guided tour" to the IRS forms?

https://ttlc.intuit.com/community/taxes/discussion/1099k-from-paypal-for-high-school-reunion-tickets/00/3035404

However, this still doesn't clarify if I put the surplus donation in the pool with expenses to zero out income, or if I enter the donation with other charitable donations.

Thanks -

weirdscienceAuthor

Also, the reunion ticket sales have nothing to do with my business.

I have found the workaround in lieu of direct access in TurboTax to entering data on IRS forms: When entering the 1099-K data, click the box for "This amount in box 1a is too high or includes some personal transactions" and enter the total expenses for the event.

Thanks 😉