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Posted by Oilcan on February 9, 2008, 1:52 am
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Yes I have had the same experience. Long Term verses Short Term gains from
the sale of Mutual Funds all lumped together. It needs to be split on
Schedule D, but no way is there a 1 to 1 match. You need to attach an
explanation to your tax return and it MAY reduce the chances of getting an
IRS inquire - like Duck and I have had.
The end result is whatever you place on your Schedule D needs to tie back to
1099 B - if it is not clear - explain it and why.
(I use Tax Cut and while I have no 1099-B, I am certain I would have the
same problem).
Oilcan
>
>>
>>> az willie wrote:
>>>> Every year TT has had me enter info from my broker's 1099-B form.
>>>>
>>>> This year I could not find a place to enter that data.
>>>>
>>>> I emailed and they said I would get an email within a few minutes
>>>> .... didn't happen.
>>>>
>>>> So today I called and, although they said it was a 60 minute wait,
>>>> they answered in less than 10 minutes...not too bad .... so far so
>>>> good.
>>>>
>>>> Girl tried to be helpful, but seemed to lack the mental horsepower to
>>>> understand the situtation. Finally she seemed to understand and
>>>> although she looked through both TT Deluxe forms and TT Premier forms
>>>> she couldn't find a 1099-B either.
>>>>
>>>> Finally she got a supervisor who claimed that it was no longer
>>>> required to enter the data from the broker's 1099-B.
>>>>
>>>> I find this hard to believe because in the past the program always
>>>> compared the amount on the brokers 1099-B to the amount on the
>>>> Schedule D and they had to match.
>>>>
>>>> The broker doesn't spend the money to send the form to me and the
>>>> government for nothing.
>>>>
>>>> I'm sure, if my return was picked to be checked, they would compare
>>>> the 1099-B the broker filed against what my schedule D shows.
>>>>
>>>> Anyone know if it is true and it is no longer necessary to enter the
>>>> broker's 1099-B info?
>>>>
>>>> If not, does anyone know where to find the 1099-B form, in either
>>>> Deluxe or Premier?
>>>>
>>>> I don't want to buy Premier if I don't have to ... but will if the
>>>> form is there.
>>>>
>>>> I have a feeling the missing 1099-B form is a serious bug.
>>>
>>> I have Deluxe, and of course you have to enter the data from your
>>> 1099-B! Did you answer the original question "Did you sell mutual
>>> funds or stocks during the year"? Possible if you didn't check YES,
>>> the interview process skips this. Also, simply go to the box SEARCH
>>> TOPICS OR FORMS and you'll see it listed in the drop down panel.
>>>
>>
>> ===============
>> Yes I do see it there, and when I click on it it takes me to the Schedule
>> D where you enter all your transactions. It does NOT take me to a form to
>> enter the brokers name and federal id # and proceeds from all sales which
>> is the figure it used to use to compare to the total on the schedule D.
>>
>> When I go to the forms tab and select open form I get a list of forms and
>> 1099-B is not on the list.
>>
>> Entering the proceeds shown on the 1099-B on the Schedule D would be
>> wrong wrong wrong wrong. That would just double the total proceeds ins
>> tead of comparing the two figures.
>>
>> I imported all my stock transactions into my Schedule D when I started
>> the process. I chose to Select Specific Topics when I started the return
>> rather than endure the unending questions about stuff that has no
>> relevance to my return at all. After several years of using TT I have a
>> pretty good idea what I have to do.
>>
>> Perhaps if I started another return and went through the agony of all
>> that crap it would present me the form but I doubt it because according
>> to the list of forms there is no 1099-B in there.
>>
>> The girl at TT didn't find the 1099-B form listed in either Deluxe or
>> Premier editions and, after about an hour of her trying to figure out
>> where to enter the info she finally gave up and got a supervisor who told
>> her it was no longer required to enter the 1099-B info.
>>
>> Which I think is a crock of (*it.
>>
>> Maybe I will call the IRS next week and see if I can get through the
>> phone gauntlet and get a live human being who can maybe tell me if the
>> supervisor is right or not. Hell, I'm retired I got nothing else to do
>> but fight the phone all week trying to get through the maze :)
>
> You MUST enter your 1099-B info which is nothing more than a record of
> your of the stocks, bonds, mutual funds, etc that you sold.
>
> Another caveat, make sure you enter the dates and lot sizes EXACTLY as
> shown on the 1099-B. Two years ago I received a bill from the IRS for
> over $40K. The reason was that when they compared the broker data and the
> data on my return, they didn't match. To minimize entries I lumped some
> lots from a single sale together therefore causing the data to not match.
> The sum total of the stuff I entered was correct but it didn't jive with
> the way the broker reported to the IRS.
>
> Gave me a sweat for a while and long explanation to the IRS. All was
> finally accepted when I entered the data to match "exactly" the way the
> brokers reported to the IRS.
>
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