1099B proceeds

[Beachkids5]

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?

[sjrcpa]

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-con...

[dascpa]

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-]

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

[dascpa]

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

[Just-Lisa-Now-]

Interesting, the only place I ever input change on the end of a dollar amount is with the 1095A

[BobKamman]

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]

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]

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.