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1099k from ebay

Forum|Forum|4 years ago
February 17, 2022
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I received a 1099k from ebay for $2900 way under the federal minimum of $20,000 but my state mandate is$1,000. do i only have to claim on State taxes?

Michelle

Best answer by HelenC12

No, you have to claim the income on your federal and state income tax returns. The IRS requires that you report all of your income if you're required to file a tax return.

See Do I need to file a federal return this year?
The $2,900 1099-K may be considered self-employed income.
We'll automatically complete Schedule C when you set up your self-employment work in TurboTax or when you enter what the IRS considers self-employment income.

Additional information: How do I enter a 1099-K in TurboTax Online?

H

HelenC12Answer

No, you have to claim the income on your federal and state income tax returns. The IRS requires that you report all of your income if you're required to file a tax return.

See Do I need to file a federal return this year?
The $2,900 1099-K may be considered self-employed income.
We'll automatically complete Schedule C when you set up your self-employment work in TurboTax or when you enter what the IRS considers self-employment income.

Additional information: How do I enter a 1099-K in TurboTax Online?

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S

shuren

Ho to put the expense for 1099-k eBay?

LeonardS

Follow these steps to enter your eBay 1099-K and expenses for the items sold.

Sign in to TurboTax and open (continue) your return
Select Federal from the left menu
In Wages & Income (Income & Expenses if you’re using TurboTax Self-Employed), scroll down to Less Common Income and select Show more
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Select Start next to Hobby income and expenses
Answer Yes to Do you have hobby income or expenses?
On the next screen, enter the Total income reported on your Form 1099-K and select Continue. Don't enter any expenses.
Select Done on Love your dedication—here’s what we’ve got for your hobby
To deduct the cost of the items sold: while still in Miscellaneous Income, select Start next to Other reportable income
Select Yes on Any Other Taxable Income?
On the next screen, enter Form 1099-K in the Description field. Enter the total cost of the items sold in the Amount field as a negative number. Note that the amount can’t exceed the income reported on Form 1099-K.