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Bouj
New Member

Desktop Turbotax Form 8949 isn't round same as 1099k entries

Desktop Turbotax Form 8949 isn't round same as 1099k entries causing the gross proceeds to have mismatch by about $3

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JamesG1
Expert Alumni

Desktop Turbotax Form 8949 isn't round same as 1099k entries

Are you saying that you are reporting IRS form 1099-K and personal items sales?  And are you saying that the individual item sales include dollars and cents?

 

If so, you may find that the individual item sales may not equal the amount of IRS form 1099-K box 1a because of the rounding of the dollars and cents.

 

Consider, first, rounding all of the individual item sales to rounded dollars.  Second, make sure that the total of the individual item sales equals the amount of IRS form 1099-K box 1a after that amount has been rounded to whole dollars.

 

For instance,

 

item    $4.55    rounds to   $5

item    $3,22     rounds to  $3

item    $5,85     rounds to  $6

 

Total   $13.62   rounds to $14

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