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Anonymous
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Imported 1099-B Doesn't Match

I imported my 1099-OID and 1099-B for LendingClub. I verified that all the individual note gains/losses match, however the summary that TurboTax shows doesn't match the 1099-B form.

TurboTax:

Box A  Short term sales with cost basis reported to the IRS  -22

Box D Long term sales with cost basis reported to the IRS  -321

 

However, the 1099-B from LendingClub shows the following.

On the short term sales page there is only one line item and in Box 1a is a description of the note. There IS a loss of $21.96 noted on the page.

 

On the long term sales pages (with details 41 individual notes) Box 1d shows Proceeds of $72.54. Again there is a loss of $342.95 indicated. 

 

What's interesting (I'm no investment guru, so this may not be interesting), is that (now using rounded figures) the long term loss of $343 less the short term loss of $22 equals $321. Those two figures, $22 and $321, is what TurboTax is showing for Box A and Box D (see my notes at the top of this post).

 

What should I do?

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1 Reply
KurtL1
Expert Alumni

Imported 1099-B Doesn't Match

You do not have to anything on your return. When you upload transactions it uploads the actual dollar and cents. However, when the amounts are transferred to the tax forms it rounds the proceeds and cost amounts. This at times create a rounding error.

 

This is not a problem with the IRS when then compare the 1099-B submitted to them by the Lending Club.

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