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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, 7:31 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
>
Dang!
I kinda expected that I'd have to chase after kind of the difference but...
I was hoping maybe to get some sort of a free pass - you know "take a
chance..."
Oh Well.
It's just a couple of hundred lines on both the 1099 and the Qkn Report -
can knock that out in a couple of days<g>
Thx.
Geo.

--
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Posted by dpb on April 1, 2008, 8:01 pm
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 GSalisbury wrote:
...

> I kinda expected that I'd have to chase after kind of the difference but...
> I was hoping maybe to get some sort of a free pass - you know "take a
> chance..."
> Oh Well.
> It's just a couple of hundred lines on both the 1099 and the Qkn Report -
> can knock that out in a couple of days<g>

Frankly, unless I were convinced the brokerage was in error and were
going to contest their 1099 number, I'd probably simply fudge one or two
trades to match it unless it became obvious after a relatively short
time--the amount of difference in taxes has to be $20 or so, max.

IIF (if and only if) I were completely done w/ the whole return
otherwise and had time to kill would I bother more -- but then again,
I'm not a pro, either, just pragmatic and willing to bend where it seems
there's nothing to be gained otherwise... :)

--

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by Gil Faver on April 1, 2008, 8:02 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
>>
> Dang!
> I kinda expected that I'd have to chase after kind of the difference
> but...
> I was hoping maybe to get some sort of a free pass - you know "take a
> chance..."
> Oh Well.
> It's just a couple of hundred lines on both the 1099 and the Qkn Report -
> can knock that out in a couple of days<g>
> Thx.
> Geo.


you could just use the higher number on the 1099, and save yourself the
trouble. Of course, you won't. Neither would I. But we COULD . . .

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by GSalisbury on April 2, 2008, 11:08 am
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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
>>>
>> Dang!
>> I kinda expected that I'd have to chase after kind of the difference
>> but...
>> I was hoping maybe to get some sort of a free pass - you know "take a
>> chance..."
>> Oh Well.
>> It's just a couple of hundred lines on both the 1099 and the Qkn Report -
>> can knock that out in a couple of days<g>
>> Thx.
>> Geo.
>
>
> you could just use the higher number on the 1099, and save yourself the
> trouble. Of course, you won't. Neither would I. But we COULD . . .
>
Although, as was noted concerning the minimal impact and also being
pragmatic (I call it lazy), I would like to do nothing but I know I can't<g>

I just hope matching a Qkn Report to the 1099 detail is all I have to do -
not travel thru twelve months of statements - that would be a pain.
Geo.

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by DF2 on April 2, 2008, 12:31 pm
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In misc.taxes.moderated, GSalisbury wrote:

>
>Although, as was noted concerning the minimal impact and also being
>pragmatic (I call it lazy), I would like to do nothing but I know I can't<g>
>
>I just hope matching a Qkn Report to the 1099 detail is all I have to do -
>not travel thru twelve months of statements - that would be a pain.

Can't you paste a Quicken [note tht I ws abl 2 dfr yr stct] report
into a spreadsheet sorted by date to produce a running total, do the
same with the schedule from your broker, and see where the totals
diverge?

Otherwise, consider adding an extra item schedule D labeled as "Cash
in lieu" with a Various acquisition date for the difference. There
is a fair chance that CIL was where the difference came from anyway.

--
<< ------------------------------------------------------- >>
<< 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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