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Level 3
posted Feb 20, 2024 12:58:01 PM

Do I need to report 1099-B Broker Proceeds for a single item on 8949 less than $25 per a note that "Grand totals are provided as a courtesy and not provided to IRS" ?

PATH Act of 2015 provides payers are no longer required to report/correct "deminimis" errors of $100 of unreported income. Not sure exactly if this is applicable for my small $19 item re: 1099-B form.

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2 Replies
Expert Alumni
Feb 20, 2024 1:15:26 PM

IRS reporting rules for brokers, banks, etc. are not the same as the income reporting requirements for taxpayers.  You are required to report all income regardless of the amount.  That said, if you don't report a $19 transaction that isn't reported to the IRS, it is highly unlikely anything will ever become of it.    

Level 3
Feb 20, 2024 1:26:02 PM

Thanks David, that’s my exact thoughts.  Leave it to these Brokers to add additional confusion & painnin their explanations and comments. All for a minimal $19 we never asked for and has caused me a week delay in filing my TT electronically. 😔. Thanks for easing the pain!