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Posted by Benjamin Yazersky CPA on February 13, 2007, 1:30 am
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> There are a few discrepancies between data on the 1099 B I
> received from my broker and data downloaded from the broker
> site into TurboTax. I wonder if anyone can help me with this
> question:
>
> I sold short 10,000 shares of a stock on 5/31/06. The trade
> went against me, so I covered on 6/5/06 for a loss.
>
> My 1099-B reports the transactions as follows:
>
> 9,800 shares sold 5/31/06 for proceeds of $129,355.97
> 200 shares sold 5/31/06 for proceeds of $2,627.91
>
> The proceeds listed are net of commissions and fees. The
> short sale and purchase were actually single orders, but
> executed at different times or prices.
>
> My TurboTax import from the broker (Fidelity) shows the
> following:
>
> 200 shares sold for proceeds of $ 2,513. Cost $ 2,758 G/L ($ 245)
> 3,800 shares sold for proceeds of $50,158. Cost $52,334. G/L ($2176)
> 5,800 shares sold for proceeds of $76,558. Cost $79,982. G/L ($3424)
> 200 shares sold for proceeds of $ 2,628. Cost $ 2,754. G/L ($ 126)
> wash sale +$126
>
> (Purchase and sale dates are as above)
>
> Now, here's my question: the 1099-B shows sales of
> $131,983.88. The sum of the sales in TurboTax is $131,857.
> The difference appears to be the $126 wash sale. Do I need
> to make a change to what I report in TurboTax so that the
> sales number agrees with the 1099-B the IRS gets? Does this
> discrepancy matter?
you do need to reconcile your tax return to the 1099B
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
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