Should ZERO balance ($0.00) 1099-B and 1099-MISC records be imported and included in the return?

[RayeL]

I imported 1099 data from Merrill Lynch. Several entries on the import summary page are either $0.00 or blank (no entry in the amount column). So Royalties, Other income, Federal Tax withheld, Substitute payment values are all 0.00. Should these be included in the return? Or should I uncheck them and NOT include them in the return?

[rjs · Accepted solution]

The printed or PDF consolidated statement from a brokerage typically has a section for each possible type of 1099, whether or not there is any activity of that type. So the statement will have a 1099-INT section, a 1099-DIV section, a 1099-MISC section, and a 1099-B section. If there is nothing to report in a particular section, the section will be in the statement but it will contain all zeros. A section with all zeros should not be entered in your tax return and should not be imported.

There is a very slight possibility that, in the 1099-B section you could have gains and losses that happen to net out to zero gain or loss. If there are any transactions in the 1099-B section, they have to be reported on your tax return, even if the net bottom line is zero. I don't know if you would be able to see in the import summary page that there are transactions that have to be reported. To play safe, take a look at the printed or PDF consolidated statement to decide what does or does not have to be imported.