Yes, there has been an update to the reporting requirements for Form 1099-K.It is important that you report the information on your 1099-K. TheIRS receives a copy of your 1099-K and will take action if you do not report the 1099-K on your tax return.
You may not be running a business and are only selling personal items. However, the IRS considers your sales activities on eBay as a business due to the fact that you sold items and the IRS requires that all income be reported.
Follow these steps to enter your Form 1099-K information:
1.Open or continue your return.
2.Search for Schedule C and select the Jump to link in the search results.
3.Answer the questions about your business.
4.On the screen Let's enter the income for your work, select Other self-employed income.
5.If you’re returning to Schedule C, select Review or Edit next to your work and then answer the questions about your business.
6.On the screen Tell us about other self-employed income, enter your 1099-K info.
7.Select Continue when finished.
If you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments for credits, refunds, discounts, or fees. You’ll have a chance to enter self-employment expenses in another part of your return.
This linkHow do I enter a 1099-K in TurboTax Online?has information that you may find helpful.
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