8 digit limit for Stocks sold; 1099-B

Dbayer
Dbayer Member Posts: 1 Newcomer
in Filing my taxes

I have a 9 digit input for proceeds and cost basis for my 1099-B, but the online site has an 8 digit limit.

Any idea how to work around this?

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Answers

  • MatthewD
    MatthewD FreeTaxUSA Admin, FreeTaxUSA Agent Posts: 879 image

    Hello Dbayer,

    In situations like yours, you will need to divide up your 1009-B summary and enter several summaries. For example, one day trader had to divide his summary into 7 smaller summaries to enter his total as 7 subtotals.

  • greggers
    greggers Member Posts: 4 Newcomer
    edited March 11
    https://community.freetaxusa.com/discussion/comment/1849#Comment_1849

    Hello MatthewD or applicable person,

    Is this 8-digit limitation still active at this time? It seems to be the only show-stopper (for me). I understand chunking the values into smaller pieces, but it certainly invites math errors and possibly audits (from a confused IRS agent).

  • kiarab
    kiarab FreeTaxUSA Agent Posts: 250 image
    Hello greggers,

    At this moment, the 8 digit limitation is still in place. I do appreciate your feedback about the possible math errors, that is something to consider. When you enter in a summary (which would be the case for most of the stocks transactions whose numbers are more than 8 digits), you do need to send in a summary of each individual transaction with your tax return, which should help prevent confusion from the IRS.
  • greggers
    greggers Member Posts: 4 Newcomer

    Thank you for your kind and prompt reply, Kiarab. I appreciate you!

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