TurboTax rounding on 1099B forms

Forum|Forum|2 years ago
February 19, 2024
2 replies
0 views

For example:

On my 1099-B form:

Proceeds = $105.15 Cost = $845.59 Loss = $740.43

When turbotax filled the tax forms, it rounded Proceeds = $105, Cost=$846, so that Loss = $741

But technically speaking, we cannot round the actual loss $740.43 to $741.

Best answer by Mike9241

It's following IRS rules for rounding. less than 49 cents down to the next whole dollar 50 cents or more up to the next whole dollar.

gain or loss is calculated from procceds and cost so that is not changeable unles you were to emter whole $ amounts for proceeds and cost such as $105 and $845

Mike9241Answer

It's following IRS rules for rounding. less than 49 cents down to the next whole dollar 50 cents or more up to the next whole dollar.

gain or loss is calculated from procceds and cost so that is not changeable unles you were to emter whole $ amounts for proceeds and cost such as $105 and $845

TomK2023

$105.15 - $845.99 = -$740.84 or -$741

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

manbeingAuthor

Employee

I am sorry, there was a typo in my original question.

The Cost should be Cost = $845.59 (not $845.99）

ThomasM125

$845.59 would be rounded up to $846. The sale amount is rounded down to $105. The gain then would be $741, so the answer in TurboTax would be correct, using the IRS rules as mentioned by @Mike9241

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"