1099B proceeds

Forum|Forum|5 years ago
May 5, 2021
3 replies
19 views

Have return with 519,447,527.64 sales proceeds and 525,983,317.96 cost basis. input says number is too big to enter. how do I get it entered?

ProSeries Professional

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sjrcpa

Level 15

Split it into a couple of sales. I thought, from another poster, that you hit the limit with billions, not millions.

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/problems-with-field-constraints-on-schedule-d-8949/00/162064

The more I know the more I don’t know.

dascpa

Level 11

Try without the pennies. i got mine through. That told me it's not the number, it's the number of digits.

Just-Lisa-Now-

Intuit Community Champion

I didnt realize the software even allowed us to add change on the end of an amount.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

dascpa

Level 11

Look at tax import. It does. Also look at supporting schedules, it does. But what's strange is not on all fields.

BobKamman

Level 15

What if 100 preparers wrote the Commissioner, the NTA and their Congressional representatives to ask why IRS wants proceeds and cost reported on covered transacitons, when all they would need is gain or loss? It might result in paperwork reduction, five years from now.

dascpa

Level 11

The entire thing is bogus. Do you think the IRS looks at 100 shares on a 8949 versus Merrill Lynch reporting 25, 25 and 50 as 3 separate lines? If they did we'd be getting a CP2000 on every client.

BobKamman

Level 15

If there are three Merrill accounts and one of them is left off the return, IRS will not match the totals shown on the return to the individual transactions they see on their CP-2000 worksheet. They will conclude that there is zero basis for all the unreported sales. I have seen that happen. Of course, they would probably screw it up even if they had all the individual sales.

Listing all the transactions was a pain back in 2013-2015, when most of them were uncovered. Now, most of them are covered, and all we have to deal with are the wash sales. IRS is still requiring data that was useful back in the transition years, but useless now.

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