IRS says I owe $7000 because of under reporting income. I just plugged in numbers from my 2020 1099B into Turbotax. Proceeds seem mixed up with cost in the letter. WTD?
It seems to confuse them that stock sales are often split into tranches, not all shares at once. They have mistaken cost basis for profits in some cases. What do I do?
02458
2 Replies
fanfare
Level 15
Aug 3, 2022 2:50:28 AM
"Proceeds seem mixed up with cost "
Maybe you mixed up proceeds with costs when entering.
IRS does not get confused by 1099-B supplied by your broker.
What Box(es) did you check on Form 8949 ? A/D ? or B/E ?
look at your 1099-B from your broker. there should be a column with the total realized gain/loss at the end or on some statements they have totals for the short-term and long-term portions of the gains/loss. do these match your schedule D?