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Reconciling Brokerage 1099-B - is there such a thing as close enough?

  
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Subject Author Date
Reconciling Brokerage 1099-B - is there such a thing as close enough? GSalisbury 04-01-2008
Posted by GSalisbury on April 1, 2008, 11:39 am
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 Received a 1099-B from Broker.
Have been able to reconcile it to within $129.
Is that close enough?
As far as we know now all of the brokerage lines have been d/l'ed into Qkn
thruout the year.
The Qkn TXF export sums to the $129 shortage.
Is that within some tolerance or do we have to go on a search and destroy
mission?
Thanks for your thoughts.
Geo. Salisbury
Long Valley, NJ

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Posted by Paul Thomas, CPA on April 1, 2008, 12:42 pm
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> Received a 1099-B from Broker.
> Have been able to reconcile it to within $129.
> Is that close enough?




That's a tad outside of just a rounding error.




> As far as we know now all of the brokerage lines have been d/l'ed into Qkn
> thruout the year.
> The Qkn TXF export sums to the $129 shortage.
> Is that within some tolerance or do we have to go on a search and destroy
> mission?



You need to figure it out. It's probably a grouping of fractional shares on
splits, spins, mergers, etc.





--
Paul A. Thomas, CPA
Athens, Georgia

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Posted by Gil Faver on April 1, 2008, 1:10 pm
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>
>> Received a 1099-B from Broker.
>> Have been able to reconcile it to within $129.
>> Is that close enough?
>
>
>
>
> That's a tad outside of just a rounding error.

does your advise assume a certain level of total income shown on the 1099B?
If it were $1M, would you say $129 is close enough? Just curious how these
things are handled. I've never been so far off as $129, but at some point
for a couple of taxable years, I just threw in the towel.

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by pleasedontemailme on April 1, 2008, 3:09 pm
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wrote:

>does your advise assume a certain level of total income shown on the 1099B?
>If it were $1M, would you say $129 is close enough? Just curious how these
>things are handled. I've never been so far off as $129, but at some point
>for a couple of taxable years, I just threw in the towel.


The IRS has a threshhold amount, but they won't come out and say what
it is; I've heard $50 and $100, both from people in a position to
know. The IRS compares your return to the 1099s and if it's within
the threshhold amount, then it's close enough. If it's not within the
threshhold amount, then it is not close enough. It does not depend on
the level of total income as far as I know.

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Paul Thomas, CPA on April 1, 2008, 3:19 pm
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>>> Received a 1099-B from Broker.
>>> Have been able to reconcile it to within $129.
>>> Is that close enough?
>>
>>
>>
>>
>> That's a tad outside of just a rounding error.
>
> does your advise assume a certain level of total income shown on the
> 1099B?


It is based on the fact that the IRS will get a total gross sales on the B
that is $129 more than the shown gross proceeds listed on the D.

I'm quite sure the computer will catch that one.






> If it were $1M, would you say $129 is close enough?


It's not when the computer is looking for gross of $1,000,129.

Would you do that on the W-2? Just round off to the nearest grand?




--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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