Question for those who file a 1099k

[old_new_and_interesting]

So this year, anything above 600 and you will receive this form. Should/can you itemize if you are under the standard deduction threshold? Does the standard deduction even count with a 1099k? 

[lady_madonna]

@old_new_and_interesting 

The 1099K is what you receive from your online selling venues, such as Ebay, that shows you your income that  is reported to the IRS. You do not file a 1099K.

You can file a Schedule C to report your profit & expenses such as selling fees, postage, packaging, gas, etc.)

[old_new_and_interesting]

Okay, is it redundant to report all your expenses, deductions, etc on a schedule C if you know it will be under the Standard Deduction threshold and it will automatically be used instead? Also, what if you are filing a separate 1040 for your other job with a standard deduction as well?

[wooden_flower]

You can still claim the standard deduction - as @lady_madonna described, the 1099k is the first step in determining your taxable business  income.  

You list your allowable business expenses on schedule C to get to your taxable business income - this is not the same as itemizing deductions on schedule A.

[lady_madonna]

@old_new_and_interesting 

I file a Schedule C as an independent contractor.

The bottom line regarding income & expenses on Schedule C is transferred over to the 1040 which is then an adjustment to taxable income.