Turbotax says 1099K form needs review, but does not indicate what is wrong.

Forum|Forum|1 year ago
April 8, 2025
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Hello:

I am working strictly with the online Web browser version of Turbotax. I have a rental that i received a 1099K form for for 3rd party payment/transactions to track the income. I have input all fields that TT has asked for; however when I go to do the Review step, TT flags the 1099K and indicates it needs review. However it DOES NOT indicate what is wrong so I can fix it. I have input everything on my 1099K form verbatim, multiple times. I have even tried to delete the original form and create another form, but I still get the same issue. TT asks for the following information only:

Filer, TIN, Boxes 1a, 4, 6, 7, 8.

I input all those fields in as shown on my 1099K. Box 7, which is the State ID number, is blank on my 1099K, which i believe is because the Filer does not have a state ID# in my state (NJ). The state name is in Box 6, and the state income tax held is $0. In trying to see if that that I've tried leaving boxes 6-8 blank, as well as inputting zeros in the state ID field to see if that would clear the issue. I am currently at a loss as to how to proceed with this as it is the only thing preventing me from completing my taxes. I dont remember this being an issue last year. Ive even added the Filer and Payee information, but have the same result. I feel like this is may be a bug and am disappointed that TT does not indicate which entry I should be reviewing if it has already determined something needs to be checked.

Can someone please help, as I do need to get my taxes done before the deadline, and this is the last thing i have to go thru. Thank you for your input.

JamesG1

You are entering an IRS form 1099-K income which reports rental property income into your rental activity on IRS Schedule E Supplemental Income and Loss.

Is the income posted outside of the rental property activity and directed towards the rental property activity? I would enter the form from within the rental property activity.

In TurboTax Premium Online, follow these steps:

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & income.
Click to the right of Rentals, Royalties, and Farm.
Click to the right of Rental Properties and Royalties.
At the screen Your 2024 rentals and royalties summary, click the pencil icon.
At the screen Here's rental property info, select Add income to report rental income.
If you select Form 1099-K and have the same issues, remove this entry and report the same income using the selection Cash, check, and electronic payments.