topic Anyway, why would you omit it? in Retirement tax questions

Do I have to include a 1099-B in my itemized return when the amount is only 5.34?

kathrynhansen — Thu, 06 Jun 2019 00:24:33 GMT

Yes, you do. You never know, you have have a huge report...

maglib — Thu, 06 Jun 2019 00:24:34 GMT

Yes, you do. You never know, you have have a huge reportable loss depending on your basis in the securities. If you fail to report it, the IRS may assume a $0 cost basis and send you a notice with a deficiency and interest and penalties on that $5. I once had a $3.89 1099-b for someone I was going to just claim $0 cost basis and it ended up related to a stock that went belly up and the person had a over $7k loss on in. You never know.

Anyway, why would you omit it?

BobinCT — Thu, 06 Jun 2019 00:24:35 GMT

Anyway, why would you omit it?

Because I was using Turbo Tax Deluxe and I had to upgrade...

kathrynhansen — Thu, 06 Jun 2019 00:24:37 GMT

Because I was using Turbo Tax Deluxe and I had to upgrade to Premier just to enter a 1099-B. I'm not dealing in big bucks - my ($1000) life insurance policy sold something and I ended up with 2 shares of something else. Thank you both for your help! I will keep the Premier and enter my $5.34.

the desktop version of TT deluxe supports sales if intere...

maglib — Thu, 06 Jun 2019 00:24:38 GMT

the desktop version of TT deluxe supports sales if interested. Desktop you get 1 free state download, you can prepare unlimited returns, e-file up to 5, there is an additional state e-file fee (NY is free e-file as the only exception).

Thank you!

kathrynhansen — Thu, 06 Jun 2019 00:24:39 GMT

Thank you!