Why is turbotax having me list every personal item I sold (at a loss) rather than allowing me to report it as 1 lump sum on schedule 1 form 1040? (for 1099K)

Forum|Forum|11 months ago
April 5, 2025
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I received a 1099K. I have selected "All items were sold at a loss or had no gain" According to the IRS website there are 2 ways to report this. Schedule 1 form 1040, 1 lump amount, OR form 8949, schedule D, where you list every item. Turbotax is having me do it that way and list every item, (under the investments and savings tab) it's taking an eternity. How do I do it the other way?

JamesG1

When posting the IRS form 1099-K

At the screen Which type of income is your 1099-K for, select the button for Personal item sales. Click Continue.
At the screen Let's get the info from your 1099-K, enter the information. Click Continue.
At the screen Personal Item Sales,
- select either I sold some items at a loss or had not gain, or
- select All items were sold at a loss or had no gain.

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Jennifer1974Author

When I select “sold personal items at a loss “ there is a note that says “we’ll gather more info later” ( something like that). If you click on the blue link to get an explanation, the window pops up to the right and tells you that you must list all items under the 1099B investments stocks etc tab. If you go to that tab there is a “personal items” tab under investments to which you must list them all. Dates sold, how much you paid, what you sold it for, etc. Is that actually necessary?

JamesG1

You may select this option.

Enter the IRS form 1099-K and select Personal item sales.

At the screen Personal Item Sales, select All items were sold at a loss or had not gain.

In TurboTax Desktop Home & Business, the amount is reported on Schedule 1 Additional Income and Adjustments to Income.

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Sue P

I am having the same issue. When I look back at last year's return, the personal sale amount was just reported on Schedule 1 as a lump sum. We didn't have to do any itemization. If there is truly a bug in the system, how does that get reported?

eelsource

I had the same issue. I tried to ignore it and continue to e-file. After 'transmitting your tax return to IRS', it brought me back to the review page. I was so confused and went back and forth trying to figure it out. Finally I lost my session and I had to relogin. But surprisingly when I logged back in I found my tax has been filed. So I would suggest you to ignore the review request and go directly file, and ignore if it takes back to the review page. Afte a while, check back in and maybe you already filed! Good luck to everyone.

vasia2

Same exact issue. 1099-K highlighted for review. Spent hours with support, no help. They did send me a link for installed version - after i imported on-line return, i no longer got "review" but Schedule 1 is not generated in the list of documents "ready to efile" list. Weirdly enough, if i force go to Schedule 1, it has correct information filled out. I will do mail file and print Schedule 1 separately. This way at least guaranteed it makes it to IRS. Good luck to every one.