RE: 1099-DA

[soulwinner10]

 There is a .08 over reporting- for proceeds- on my 1099-DA.  I am not sure where they got that from--it could be rounding differntly because my csv file gives a different number. Do I report the proceeds on my 1099DA or use my csv file? If I use my csv file it under reports proceeds by $0.08. Will this be an issue?

Thank You.

[RogerD1]

You should use the information from the 1099-DA on your tax return since that is the information that the IRS receives about your tax situation.  However, do realize that all numbers entered on your tax return will get rounded to a dollar amount per IRS requirements, so since that is $0.08 of proceeds, it will end up getting rounded down to $0.  In this particular situation, it won't be an issue whether you use the 1099-DA information or the .csv information because the rounding will end up being the same result.

[soulwinner10]

Thanks for the reply. My entire proceeds in not $0.08 that is just the amount that my 1099DA differs from my csv file. For example, let's say my proceeds on my 1099DA is $2,064. 38 and my calculated proceeds off my csv is $2,064.30. This is an example of what I am incurring. The dollar amount is correct, but the cents is off by $0.08. Will this be an issue to report $2,064.30 versus the $2,064.38? 

[RogerD1]

No, it will not be an issue to report it that way.  All figures on the tax return are rounded to dollar amounts, so no matter whether you enter $2,064.30 or $2,064.38, the result that will be reported is going to be $2,064.

This following comes from page 23 of the IRS 2025 Instructions for Form 1040 : "Rounding Off to Whole Dollars You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3. If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total. If you are entering amounts that include cents, make sure to include the decimal point. There is no cents column on the form."