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Thanks.
I entered 0 as a cost basis because I would need to individually calculate each week's cost basis using the ETF provided table and some required math. It was just not worth it for the $ involved.
My post here describes the situation better, with a picture of the 8949:
The proceeds are rounded to 0, so I have line after line of 0 proceed, 0 cost basis in the 8949. The rounding error adds up and doesn't come close to matching what is reported by my broker's 1099-B.
You may consider deleting the rows with zeroes only and entering the subtotal manually.
8949 is required, so I should enter the subtotal on the 8949 (for these non-basis reported short term gains)? e.g. a single line? If so, what would I use for a date?
A single entry should not match the multiple reported proceeds but the total could. I assume that would be acceptable and not flag the return for an audit, and would allow TT to file electronically?
Yes, you may enter as a summary.
Below is a link for the steps to enter in TurboTax.
Thanks.
Is the summary in Schedule D Part 2, or the 8949?
In the latter case, I think the 8949 is required because the transactions have no basis. I guess that is my concern. In previous years I have entered summary data, but my basis was always known.
@huskerdoo After you enter the summary totals you will be prompted to upload your 1099-B in pdf form. That will tell the IRS your basis information.
The Deluxe CD version did not prompt me or indicate there was an option for uploading a PDF. I ended up sending the form via USPS. It would have been nice not to have mailed it though.
Thank you for reaching out to the President. How can I follow up with a comment in the President's response to you? I have a question about his comment "The rounding differences are well within the IRS built-in tolerances for rounding discrepancies." What is the tolerance? My rounding difference is $4. This may be okay, but I would like to know for future purposes what is the largest difference allowed before you have a problem.
Good luck, my rounding difference was >$100 through a ton of sub 50 cent proceeds.
They should keep the individual transactions and round the totals.
I ended up putting in summary data and sent the IRS my 1099. It would have been nice to avoid mailing the extra form and 1099.
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