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clarkd23
New Member

While entering 1099-B, the maximum value for Total proceeds and Total cost basis, is 9999999.99. I have an amount larger. Can I use your product to complete taxs?

 
6 Replies
HelenC1
Intuit Alumni

While entering 1099-B, the maximum value for Total proceeds and Total cost basis, is 9999999.99. I have an amount larger. Can I use your product to complete taxs?

Yes, you can. 

TurboTax limits the number of digits in data entry fields to nine, including the cents figures to the right of the decimal point. To get around this,  break the transaction down into two or three equal transactions with identical information.

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kolsakfrm503
New Member

While entering 1099-B, the maximum value for Total proceeds and Total cost basis, is 9999999.99. I have an amount larger. Can I use your product to complete taxs?

 So pretty much if it is a much higher vaule, I can just divide the total number by  8 or 9. So in total i will enter 8 or 9 transactions that should equal to your original high number?

 

Ex: 62,222,222 (too high of value) / 9 = 6,913,580.22 

 

So i would enter this number of 6,913,580.22 9 times? correct?

 

Thanks

VolvoGirl
Level 15

While entering 1099-B, the maximum value for Total proceeds and Total cost basis, is 9999999.99. I have an amount larger. Can I use your product to complete taxs?

If you have amounts that high you really should be going to a CPA or tax professional to do your taxes.  62 Million?

kolsakfrm503
New Member

While entering 1099-B, the maximum value for Total proceeds and Total cost basis, is 9999999.99. I have an amount larger. Can I use your product to complete taxs?

No thats not how much I have. Not even close. I day traded a lot of different stocks. The clearing company i have counts all trades as proceeds. So last year i had about 2 million in proceeds but i only had about 30k in my account. it's just i traded alot thats why. Same goes for this year. I traded even more so the proceeds are at 62 mil. but my account is only about 40k.

MrCalico
Level 1

While entering 1099-B, the maximum value for Total proceeds and Total cost basis, is 9999999.99. I have an amount larger. Can I use your product to complete taxs?

Same here too bad my algorithm didn't make enough to afford a tax professional that would deal with 7,000 transactions!

fanfare
Level 15

While entering 1099-B, the maximum value for Total proceeds and Total cost basis, is 9999999.99. I have an amount larger. Can I use your product to complete taxs?

only wash sales need to be itemized on form 8949. The rest can be summarized on Schedule D Line 1a

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