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Posted by az willie on February 15, 2008, 10:13 am
Please log in for more thread options "GSalisbury" <salsburyg at comcast dot net> wrote in
>> For investors who have used Tax Cut this year.
>>
>> Does it have a place to enter data from your form 1099-B from your
>> broker?
>>
>> I have used TurboTax for several years and I always entered the info
>> from tha 1099-B and it compared the number there to the total on the
>> Schedule D and it had to match.
>>
>> This year there is no place to enter that info from the 1099-B and
>> after a couple of hours on the phone with support and them checking
>> with supervisors ... they keep telling me it isn't necessary to enter
>> that info anymore and there is no place to do so. On the form list
>> where it mentions 1099-B if I click on that it takes me to the
>> Schedule D!!!!
>>
>> I don't see how they can guarantee an accurate return if they don't
>> check the total of my entries for stock trades against what my broker
>> reports on the 1099-B.
>>
>> I think this is a huge screw up for TT this year and they are not
>> admitting
>> it.
>>
>> Granted, since I have the 1099-B I can manually compare my Schedule D
>> to that ... but the idea is that the program is supposed to be doing
>> that.
>
> Yes, Taxcut 2007 (Premium+State is what I have) does provide for entry
> of some info from a 1099-B. No doubt just like TT it is keyed to a
> "Yes" answer of a "Sale of stock etc?" question.
>
> That being the case (again no doubt just like TT) you can then enter
> the detail lines for the sales.You don't enter any of the
> summary/identification info - just the transaction lines. Basically
> you are filling in the Schedule D and D-1's if your number of lines
> overflows the form.
>
> I've never used TT but I have to believe it is the same - why/how
> could it be any different? The other thread said as much.
>
> You can import your capital gains info from your Quicken or MS Money
> or whatever but you're virtually guaranteed to have to reconciled it
> within TC - just like the other thread on TT indicated.
>
> No TC (nor TT I'm sure) does not compare 1099-B to Schedule D -
> there's really very little to compare.
>
> I'm not a tax guy but the 1099-B (just like any other 1099) isn't an
> "official" form that gets filed by the taxpayer (and yes I appreciate
> an exception might be if taxes were withheld).
> It is an advice to the IRS from the seller saying "we produced the
> amount of 'income' look for him to account for it on his filing".
>
> Either program could ask for the box-2 total shown on the 1099-B and
> then tell you if your Schedule D entries agree or not - but they don't
> get over it. It's plenty easy enough to look at the line 3 and 10
> amounts on the Schedule and see if they total to the 1099. That's the
> least of the effort.
>
>
>
>
================
You're right, I can manually compare ... but the point is the program
always did it in the past and should still compare in order to be sure
the filer is filing an accurate return.
I'm thinking I may start a new return from scratch and go through the
interview process.
This time I chose to bypass the interview and go to the stuff I knew I
needed and one of the first things I did was import my trade data from my
Tradelog program which downloads all trades from the broker and analyses
them for wash sales etc. etc. and prepares a .txf file to import into
either TT or Tax Cut for your Schedule D.
Maybe having imported data already caused the program to bypass asking
for info on the 1099-B but it shouldn't and TT support people claim that
entering the info isn't necessary anymore.
Thus I am confused, and not satisfied with the answers I have gotten from
TT.
Not trying to be a pain in the ass with this issue ... I just haven't
been able to resolve it to where I am satisfied with the answers yet.
Especially because some people here claim they DID enter 1099-B info into
TT yet mine not only didn't ask for it .. I can't find a place to do it,
and TT people say there is no place for it because it is no longer
necessary which makes no sense to me at all. The broker doesn't go to the
trouble and expense of compiling the info and printing the forms and
sending them to me and the IRS just for the hell of it.
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