Hello, thank you for your reply. The 1099B that I got is from Merrill Edge. It is a tax reporting stmt that contains the 1099B line items, along with other 1099s such as 1099DIV and 1099INT. The 1099B is just a listing of the transactions with a notation at the beginning of each sections of transaction such as "short term capital gains and losses - 1099B line 2 box 6 net proceeds, covered transactions-cost basis reported to IRS - For 8949, Part I, (A)". There are no box 2 (Ordinary) and box 3 (QOF) shown on the 1099B section of the tax reporting stmt. So is it still ok to just group all the lines and put them on Schedule D 1a and 8a, for short term and long term, respectively?
Also, for rounding the proceed, cost basis, and net gain/loss, to the nearest dollar, if I round the total proceed and cost basis shown on the 1099B, then subtract the cost basis from the proceed, the calculated net gain/loss (by subtractng the cost from the proceed) is one dollar different from the rounded net gain/loss number. Does it make any difference if I use the rounded net proceed and cost basis to calculate the net gain/loss, or should I adjust the total proceed or cost basis so the subtraction/calculation of the net gain/loss would match with the rounded net gain/loss number? For example:
Per the 1099B:
$1,000.52 (proceed) - $1,400.20 (cost basis) = $(399.68) loss
If I round the proceed and cost basis, and subtract the cost from proceed, the calculated net loss is:
$1,001 - $1,400 = $(399), which is less than the rounded $399.68 of $400
Or should I adjust the proceed down to $1,000 so the calculated net gain/loss would match the rounded gain/loss:
$1,000 (round down from 1,000.52 to 1,000) - $1,400 = $(400), which the calculated $400 net loss from subtraction would match the rounded $399.68 (to $400)
I am not sure how close the IRS would check and match the 1099B #s, and whether they would match to the net gain/loss number vs the proceed and cost basis, since the difference is due to rounding. When I used TurboTax to import the detail line transactions, the total proceed and cost basis shown on Schedule D (line 1b for box A, and line 8b for box D), column d and column e, rounded by TurboTax, are a couple of dollars different from the total proceed and cost basis shown on the printed 1099B, if I round these numbers per the printed 1099B.
