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Posted by Han on February 15, 2008, 10:59 am
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Is there something wrong with my way of doing things?
I keep track of trades and current prices in Quicken to get a feeling of my
financial situation. I try to get accurate info into Quicken, which isn't
always easy because capital gains are sometimes reported as "dividends" by
Vanguard, Fidelity etc.
For my taxes, I go first by all the 1099 forms, because I once did not, and
the IRS caught me. Explaining it was fine, but cost nerves and time, since
it was a question of over 10K in 1985 or so. Big money for me then.
So, I follow the 1099s, and use my buy and sell and costs data.
Taxcut has the "forms" in interview format to input the data for each
security.
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Best regards
Han
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Posted by Andrew on February 15, 2008, 7:08 pm
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az willie wrote:
>
OK -So let me try this - (and I'm speaking of TT, not Tax Cut!). Entering
the data into a TT form that looks like a 1099-B is only half the battle.
As I said earlier, there is a location during the interview process that
asks you some specific questions relating to your 1099-B form that is needed
for the tax return. But that is only half the battle - other items ALSO
mandatory for the return are NOT on the 1099-B (Like what type of gain, the
basis, the date(s) you purchased the securities you're recording a capital
gains (hopefully positive on), and so on.)
So simply entering data from the 1099-B (unlike the W2, I think) doesn't cut
it (no pun intended). You have to be also entering a lot of other data that
you need to get independently of the 1099-B..
I can't swear that I've NEVER seen a direct 1099-B form in TT (as I'm not
been so lucky to record sales of securities every year), but I for one can't
remember ever seeing one in the past. Nor have I ever thought this was any
sort of 'bug'.
I think by entering the data in the interview form (And you can probably go
OPEN MY RETURN and doing it direct anyway) and then comparing the final
generated Sch D vs. the 1099-B and your other information you needed for Sch
D, you should get a good sense of security.
It's hardly worth (IMNSHO) a switch to Tax Cut JUST for this one issue if
that's what you're contemplating.
Hope this all helps.
(And John P, if you've read this far, thanks for the other post on my
behalf. But I indeed did miss read the 2nd OP me thinks!)
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Regards -
- Andrew
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