How Do I Split the Single 1099-K Between Business & Personal?

Forum|Forum|3 years ago
February 13, 2023
1 reply
0 views

I sell on ebay under a single account with my own SS. This last year I sold off a bunch of items I inherited in addition to my regular "business" sales.

My single 1099-K covers everything. I file my taxes under my SS using T-Tax Home & Business. I have it all tracked but if I put the personal stuff into the business side it completely screws up my inventory and sales numbers.

I have searched high and low and cannot find any answers about how to input the numbers into the 2 very separate sections of the tax return.

TurboTax Home & Biz Windows

Cynthiad66

If you receive an Form 1099-K for income that is not taxable income, the IRS provides information on how to report this amount. You can report the amount in Part 1, Line 8z, Other Income of Schedule 1, Addition Income and Adjustments to Income and also report the the non-taxable amount in Part 2, Line 24z, Other Adjustments of the same form. This process adds an amount to your income and then subtracts an amount from your income while at the same time accounting for the amount shown on the 1099-K on your tax return so that it matches the IRS records.

Click HERE for addition reporting information.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

CombatWombatAuthor

Still not finding clarity. Using Home & Business.

I have a single 1099-k from ebay. I have just an SS, no EIN. I sold personal items, I sold silver coins eligible for deductions as investments and I sold items in a retail business classification.

The instructions in TTax are as follows:

If you have income from multiple sources or businesses on one Form 1099-K, you’ll need to enter info from this form more than once.

How to enter income from your 1099-K:

Choose one business or type of work on your 1099-K
Enter all transactions related to that business or work
Continue to the Your 1099-K summary screen. The work or transactions you just entered will be listed there
Then select Add a 1099-K. You can enter another type of work. Keep doing this until you have entered all the income on your 1099-K

Am I supposed to input 3 separate entries with the proportional amount that totals up to the amount in box 1a?

AliciaP1

Yes, but it's actually 2 entries. You are not required to enter the 1099-K details specifically. You just need to ensure you have reported all the income that is reflected on the 1099-K.

To report the personal item and coin sales you can follow these steps in TurboTax Home & Business:

Search for 1099-K and select the Jump to link at the top of the search results
When you get to the Choose which type of income your 1099-K is for screen select Personal item sales and Continue
For box 1a only enter the amount you received for your non-retail business sales
Click Done
Go back to the Wages & Income screen and click Edit for Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
Click Review for the 1099-K you entered and here you can enter the expenses and details for the items you sold

To enter your retail business income you can follow these steps in TurboTax Home & Business:

Search for self employed income (use this exact phrase, don't add a hyphen) and select the Jump to link at the top of the search results
Answer Yes on the Did you have any self-employment income or expenses? screen
- If you land on the Your 2022 self-employed work summary page, select Review next to the work you're adding income for
Answer the questions on the following screens until you arrive at Let's enter the income for your work
Scroll down to the Income section and click Add income for this work
Choose Other self-employed income and Continue