topic Cost and Proceed Entry too large? in Investors & landlords

Cost and Proceed Entry too large?

sammad — Sat, 06 Mar 2021 01:39:03 GMT

My Consolidated 1099-B has too many line items for Premium (over 2000). I'm trying to summarize the proceeds and cost fields however my numbers are too large for these fields. How do I make my entries? Does Turbo Tax have limitations?

Re: Cost and Proceed Entry too large?

ThomasM125 — Sat, 06 Mar 2021 03:43:19 GMT

TurboTax will not allow over nine digits for an entry. You will have to break your entries down into smaller amounts. As long as the totals are correct, especially with regards to making sure things are broken up properly by long-term versus short-term, you will be fine.

Re: Cost and Proceed Entry too large?

tmk28 — Sat, 06 Mar 2021 15:52:46 GMT

How does one break up transactions. I downloaded from my brokerage and now it causes Turbo Tax to stall (not responding) when I go to Schedule D - how do I break it up?

Re: Cost and Proceed Entry too large?

JohnB5677 — Sun, 07 Mar 2021 14:32:36 GMT

If you have a number that is $10,000,000 or greater. The workaround is to split the amount.

Example: You have a $18,000,000 sale, and your cost basis is $12,000,000.

Split this entry into two parts. Enter $9,000,000 for the sale twice, and $6,000,000 for the cost basis twice.

This works for the IRS because they are only concerned with matching the total.