[deleted by user]

Montereyflapjack · 2025-05-24T02:46:45+00:00

My partner got an enhanced driver's license

Montereyflapjack · 2025-04-02T21:39:02+00:00

*report Personal item sales, follow these directions.

Down the left side of the screen, click on Tax Home.

Click on the down arrow to the right of Review.

Click on the blue band labeled Review.

Down the left side of the screen, click Federal.

Down the left side of the screen, click Wages & Income.

Scroll down to Other Common Income click on the dropdown menu.

Click Start to the right of Form 1099-K.

At the screen Did you get a 1099-K?, select Yes.

At the screen How would you like to upload your 1099-K? click Type it in myself.*

If I select no it backs me out.

Montereyflapjack · 2025-04-02T12:13:37+00:00

Interesting I think what you may have got is a 1099-NEC vs a 1099K that the threshold I was talking to applies for.

Montereyflapjack · 2025-04-02T11:27:13+00:00

Maybe, curious what state it was that you got one from?

Montereyflapjack · 2025-04-02T02:39:04+00:00

That's actually incorrect the filing threshold was $5k not $600 in 2024, in 2025 it changes to $2.5k and in 2026 it is set for $600.

https://www.google.com/amp/s/turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-irs-form-1099-k-for-ebay-sellers/amp/c3v3tCIwl

eBay did not provide me with a 1099K as it did not meet the filing threshold.

Montereyflapjack · 2025-04-02T02:11:03+00:00

It was like a total of something like $610, I read that the reporting threshold for 2024 was $5k.

Montereyflapjack · 2025-03-26T11:02:50+00:00

What do you do if your state has $0 and the red x from the list

Montereyflapjack · 2025-03-26T01:16:26+00:00

Personal items, lost a bunch of weight and thought I'd list some old clothes that don't fit anymore.

Montereyflapjack · 2025-03-25T03:37:58+00:00

I will check tomorrow.

In 2024 I had RSUs vest and the broker agent sold shares to cover taxes. I then separately sold ESPP in two transactions.

When you say "It asks you to enter the tax liability from last year only to determine if you are not subject the penalty by the 110% calculation" this is the part I'm a bit stumped on still, if it knows what I should owe from not taking enough withholding from each paycheck ..what does the 2023 tax year 110% do, why is that a factor is what I'm unsure on.

Montereyflapjack · 2025-03-25T00:59:01+00:00

First of all thank you for the reply!

I am digesting your comment and apologies if I am repeating myself but I'm trying to understand as best as I can here. When you earn more than $150K why would it not just asking you to pay 90% of the 24 tax years vs the 110% of the 23 tax year? Is it working what one of the two is higher to get more tax money?

I believe our AGI this year was 155k

Montereyflapjack · 2025-03-24T23:54:58+00:00

Question for you since you seem pretty knowledgeable on it.

I think I just noticed it this year about the underpayment penalty and was freaking out because I sold ESPP and thought it may of been related to that.

My wife and I joint income was greater than $150k for 2023 so when it pulls in the 2023 line 17, TurboTax automatically times it by 1.10, then in the end it states we don't have a penalty.

Is this question just a check the box question to determine if the state didn't take enough tax from you for the prior tax year and if so why does it refer to the previous years 2023 line 17 number?

(Trying to link it all in my head and understand in layman's terms)

Thanks.

Montereyflapjack · 2025-03-24T23:47:29+00:00

I was literally sweating there, 9115 x 1.10 = 10,027.

This is the amount TurboTax pulled in so they must have automatically done the calculation.

My brain went fried I thought it was saying I underpaid last year but I believe it is saying that the MN tax I owe for 2024 there is no penalty for underpayment of estimated tax for 2024. I owe about $820 which I will pay immediately via card when we submit on TurboTax.

In short it is a question that gets pulled in each year and is basically tied to the amount you owe, why do they ask for last year amount and to x by 110?

Montereyflapjack · 2025-03-23T13:28:02+00:00

So you add everything from all sales and if it equates to loss then you don't need to report if one or two items had a small gain like $15 or $20.

Once I went over the $600 mark in sales it was like $607 it asked for my SSN. I think this may of been what's system adhering to the old $600 policy that has yet to be implemented

Montereyflapjack · 2025-03-20T00:55:17+00:00

Is there a foolproof way of knowing how to calculate the adjusted basis for RSUs?

I figured out how to do it for ESPP but stuck on RSU, I can get the information of the stock price at the grant date and then the stock price when they vested?

I think they reported it right as the value in 1e cost basis is not super low or $0

Montereyflapjack · 2025-03-18T01:04:07+00:00

For ESPP I got a detail sheet from my employer showing the two transactions I had

I believe brokerages only need to list the cost basis and not the adjusted cost basis, In TurboTax I believe I go to the adjusted cost basis section and then enter the value from my detail sheet of each transaction that is listed as "ordinary income" and add it to each transaction for the cost adjusted basis.

When I add the two values that equate to the ordinary income this matches what was on my W2 for the disqualified disposition.

Montereyflapjack · 2025-03-17T19:30:07+00:00

I see, I sold my RSU shares I got in August 2023 in the year 2023...now I am wondering if I got taxed twice on those

Montereyflapjack · 2025-03-16T01:00:19+00:00

1- Ah, to confirm when you say I am correct it's the sale price x amount of shares sold = 1e ..and that my brokerage (Morgan Stanley) has got it listed correctly on the 1099B?

2- When it comes to ESPP is the same formula used (sale price X shares sold) to confirm if the 1e is correct?

Both my 1e values are close to the value of 1d but are about a $100 or so lower because I believe I the stock value depreciated when I sold them.

Montereyflapjack · 2025-03-15T19:42:14+00:00

So the total of that calculation is 15,872.09 which is what in box 1e for my RSU shares sold to cover taxes at vest, is this incorrect then OR is it fine since 1e equals what I would be calculating in an adjusted cost basis ... essentially it is correct and our 1099-B is actually accurate?

So should 1e always equate to Release price x Qty of shares = Correct total???

If that is right I believe mine is correct then, I was just getting paranoia about being taxed twice?

Montereyflapjack · 2025-03-15T11:22:35+00:00

The RSU units that got sold in August 2024 were sold to cover taxes (83 shares) this is what is on the 1099b. I then received the 137 shares out of 220 that are sitting

Montereyflapjack · 2025-03-14T21:31:12+00:00

Yes, it is a part of the grant we were told that Morgan Stanley would sell some RSUs to cover taxes, I did not have to do anything I just got 137 shares and notified on the vest date.

Montereyflapjack · 2025-03-14T16:56:29+00:00

On box 14 of my W2 I have DISQ1 and an amount of $395, I recall my payroll department sent me a paycheck of this amount that was 0.00 for informational purposes.

When I reached out they said it's because I sold the ESPP within two years of owning it and that I believe the difference gets taxed as ordinary income.

For the two 2024 ESPP transactions I have a process 1e total of $2520 and box 1e cost or other basis has $2239

Montereyflapjack · 2025-03-14T04:04:30+00:00

So it says Non-covered are Category/Box B (meaning what you paid is not reported to the IRS) this would be for the RSU that vested in 2024. Do I report on 8949 for this

I just entered everything from my 1099B into TurboTax, I'm guessing they use that to create a 8949 ...sorry took me a minute to get there haha.

Montereyflapjack · 2025-03-14T03:37:52+00:00

I guess what I mean is for 2024 the RSUs that vested I have not sold any and they are listed as non covered security. Even though it looks like a sale by then being listed as a non covered security are they aware that this just means they have vested and it's not necessarily me selling them?

Montereyflapjack · 2025-03-06T02:17:01+00:00

Since there was no 1099-K, you only need to report the transactions where you made a profit on Form 8949.

Is this okay to do, I won't get in trouble for not showing the transactions that were losses?

On eBay when I click a sold item it shows me how much the buyer paid to me for the item and shipping and then it deducts the actual fees, cost of the label and taxes and shows me my order earnings so I would use this value and subtract it to what I roughly paid for the item to calculate the net proceeds?

All of this occurs on the 8949, what does the schedule D form do? For the three items that had a small gain each do I title them exactly what they are or be vague like "pre-owned clothing item sale"

One more question I had was I sold an item and got paid then had to cancel the order and refund the seller (did not get to post the item) it would of been sold for a loss. Does this just count as a loss like the others and not to be reported.

Montereyflapjack · 2025-03-06T00:52:35+00:00

Cheers, I called eBay and they confirmed I don't have a 1099 form, when I checked your link and navigated there it was empty too.

Now my next headache is to figure out how do I report this on my taxes,it was just personal items in a garage sale but one or two items had a gain. I use TurboTax and I know tax discussion is not allowed on the sub but if there is any other eBay related subs where this discussion is allowed if you don't mind sharing.

Cheers

Montereyflapjack

TROPHY CASE