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- Form 8949 and broker statement totals
Form 8949 and broker statement totals
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harold
Level 2
03-11-2021
10:27 AM
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Okay, I have a client who wants the trades details all put into Lacerte. When I do, Lacerte rounds each trade up or down as appropriate and according to the rounding rules of the IRS. However, the total does not match the brokerage statement total because of the rounding.
The IRS states that when calculating the total the rounding should be done at the total level and not individually. These two seem to conflict. If we round each transaction as we should then the total is off by over $400 in this case but if I total all the transactions including cents and then round up that total then it matches.
So, do I go to over two hundred transactions in this case and round down the 50 cents?
Do I make some sort of adjustment entry on 8949 to adjust for the effect rounding someplace? If so then how?
Do I leave the 8949 totals as calculated and force the Schedule D totals to the correct ones? if so then how as I don't see where I can.
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