1099-K missing from the Investment and Savings group in the income and wages section

Forum|Forum|1 year ago
February 11, 2025
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Added my 1099-k info in the other common income section and check marked the sale of personal items. Added the info from my 1099-k in and then check marked all items sold at a loss or had no gain. Next page says "We've added your personal item sales. You’ll need to enter additional information for your sale in another section". When I click learn more, it directs me to the Investment and Savings category and asks me to see the line for 1099-K. But there is no 1099-K in that category. Only says "Investments and Savings1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report". Am I missing something here? Is this form not yet available?

Best answer by JamesG1

Was the full amount that was reported in box 1a of the IRS form 1099-K also reported as the amount reported to you on Form 1099-K that was included in error or for personal items sold at a loss on Schedule 1 Additional Income and Adjustments to Income?

If the full amount of the IRS form 1099-K was reported at the top of Schedule 1, no IRS form 1099-B was created because there were no personal items sold to report.

The directions that you saw would have been confusing.

JamesG1Answer

If the full amount of the IRS form 1099-K was reported at the top of Schedule 1, no IRS form 1099-B was created because there were no personal items sold to report.

The directions that you saw would have been confusing.

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Keystone CowboyAuthor

Yes what I added to box 1a is exactly the same as the amount on the 1099-k form. So, you are saying that TurboTax may be wrong and that I do not need to do anything if I choose the option of sold all items at a loss or no gain?

JamesG1

If the full amount of income reported on IRS form 1099-K is identified as "in error or for personal items sold at a loss", then you have satisfied the IRS as to the status of the income.

IRS Publication Your Federal Income Tax, page 2, states:

Changes to reporting amounts from Form 1099-K

Beginning in 2024, if you received a Form(s) 1099-K that shows payments that were included in error or for personal items sold at a loss, you will now enter these amounts in the entry space at the top of Schedule 1 (Form 1040).

Maintain a record in your tax information of how you made this determination should a tax authority have a question at a later time.

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