Schedule D Sales Price total does not match with brokers 1099 Form, why ?
There are several reasons why your Schedule D Sales Price total may not match to your broker’s 1099 Form. In some cases it may be valid. We recommend generating Simply Track 1099 report and compare the to your broker’s provided 1099 form. • Check short sales that were opened in the prior year and closed in the current year. If so, the sales price total for these entries is not included in your 1099 sales proceeds reported by your broker. However, IRS requires you to report these trades when realized. Make note on your Schedule D for the amount of sales price from prior short open positions for IRS. Subtract this value from your reconciliation sales proceeds. • Check short sales opened in the current tax year but not closed in the current tax year. If so, the sales price total for these entries is included in your 1099 sales proceeds reported by your broker. This amount will not be included in the Schedule D for current tax year. Add this value to your reconciliation sales proceeds. • D
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