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Subject Author Date
Turbo Tax Deluxe 2008 az willie 02-08-2008
Posted by Brian on February 13, 2008, 6:17 pm
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 Oilcan wrote:
> One way is if the funds automatically convert from a Class B to a Class
> A. Your retain your original Basis and Acquisition Date of your Class B
> shares for the Class A shares.
>
> Oilcan
>> Oilcan wrote:
>>> Becomes very hard in mutual funds especially if it is moved between
>>> funds on a non-taxable basis.
>>
>> Moving between funds generally involves the sale of one fund and the
>> purchase of another fund. How can you move between funds in a
>> non-taxable transaction?
>
Not to pick nits; but, that is not moving between funds. Looks more like
conversion of shares.

Posted by Oilcan on February 13, 2008, 9:35 pm
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 Understand (and agree), but "moved between funds" is vague. In either case,
the person posing the questions needs to understand what the activity is.
Agree, perhaps my answer is "vague".

Oilcan
> Oilcan wrote:
>> One way is if the funds automatically convert from a Class B to a Class
>> A. Your retain your original Basis and Acquisition Date of your Class B
>> shares for the Class A shares.
>>
>> Oilcan
>>> Oilcan wrote:
>>>> Becomes very hard in mutual funds especially if it is moved between
>>>> funds on a non-taxable basis.
>>>
>>> Moving between funds generally involves the sale of one fund and the
>>> purchase of another fund. How can you move between funds in a
>>> non-taxable transaction?
>>
> Not to pick nits; but, that is not moving between funds. Looks more like
> conversion of shares.


Posted by Bernie on February 9, 2008, 1:55 am
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On 2/8/2008 1:00 PM, 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.

From the IRS instructions it certainly appears that the information on
your form 1099-B's is simply there so that the government can be sure
that you are reporting at least the trades that summarized on the
1099-B's. You could have other trades that weren't reported on any
1099-B, and you could have 1099-B's from multiple Brokers.

Check the IRS website, www.irs.gov, for the instructions for form
1099-B, especially http://www.irs.gov/pub/irs-pdf/f1099b.pdf (There are
a few other documents relating to 1099-B as well, but that is one I
think you want.)

The TurboTax people appear to be correct in what they've told you.

Bernie

Posted by Doug on February 9, 2008, 4:57 pm
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I've used TurboTax for years, and I have no recollection of ever
entering data into a 1099-B form in the program.

I've always entered TT data in a capital gains worksheet about sales I
made, while the brokers sent IRS a 1099-B, and the IRS checked one
against the other.

In fact, I kind of miss the old "shoebox" approach. Maybe it was never
in TT but was in Tax Cut, which I also used several years. The
"interview" approach seems to have won the market, and I don't think
either product uses the shoebox anymore.

Doug

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