Exporting the Proceeds of ESPP Transactions from Quicken to TurboTax

Posted by RichD on April 5, 2008, 7:29 pm

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I have run into an issue trying to export ESPP transactions from
Quicken QP08 into TurboTax D07. I bought ESPP shares twice last year
and sold them within days of the purchase. I used the transaction wizard
in QP08 to enter the transactions. It seems to correctly enter the
difference between FMV and price paid as W2 income. The purchase cost is
recorded as #shares x price paid. When I sold the shares I also used the
wizard to enter the transaction. This time it records the cash proceeds
as #shares x sale price -commission -W2 income.

So when I transfer the amounts for sales price, cost, and gain from
Quicken into TT sch D lines 1d, e & f respectively, the amount of the
gain (or loss) is correct but the number reported as Sales price on
schedule D is different from my broker's 1099-B statement (in this case
E-trade).

I guess I would have expected the wizard in Quicken to add the W2 income
to the cost basis but instead it subtracts the W2 income from the
proceeds. So while the gain or loss is accurately reported on schedule
D, my concern is the IRS will notice a discrepancy in proceeds.

I guess my choices are:

1. Ignore this and let it go. The gains are accurate, but I may need to
provide an explanation to the IRS
2. Re-enter the transactions in Quicken without the wizard and force the
transaction to in Quicken to export the correct proceeds into TT.
3. Delete the imported data in TT and manually enter the correct numbers.

I don't think I have seen this discussed. Am I using the transaction
wizard incorrectly or am I just thinking about this wrong? Do others
have a different way to do this?

Thanks for the feedback

Rich