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Posted by mookie on February 12, 2007, 10:04 am
Please log in for more thread options RC ~
I appreciate the Reply. Yes, I use Quicken (for many years). This year I
chose to simply enter from scratch as opposed to importing from Quicken as
my previous imports have always required tweaking. I wanted to see the
difference. Apparently I found it! I will try the import and see what
happens. Again, thanks.
Rich
> Hi, Mookie.
>
> For the past few years, I've used only the Basic versions of Quicken and
> TurboTax. Maybe the Premier versions are different. I assume that you
> also are using Quicken, although you didn't say that.
>
> In Quicken, when I sell stock, especially one where I have multiple lots -
> and most especially when I'm selling less than all my shares - I click the
> Specify Lots button on the Sell transaction screen. Then, for FIFO, I
> start with the oldest lot and just keep clicking to add the next oldest
> lot until Quicken says I have enough to equal the number of shares sold;
> the last lot probably will be only a part of the shares in that lot. The
> major advantage of this is that Quicken takes care of any rounding issues.
> This would be especially useful for something like fractional shares in a
> DRiP.
>
> Then, to get the information from Quicken to TurboTax, Import the
> information into TT. You could print out a capital gains report from
> Quicken and enter the details into TT, but there would still be the risk
> of rounding errors. However, if you enter the actual dollars of basis
> that Quicken reports, and the actual dollars of proceeds from the sale,
> your reported gain should be correct, even if the number of shares is off
> slightly. You pay tax on the dollars of gain, of course, not on the
> number of shares.
>
> RC
> --
> R. C. White, CPA
> San Marcos, TX
> (Retired. No longer licensed to practice public accounting.)
> rc@grandecom.net
> Microsoft Windows MVP
> (Currently running Vista Ultimate x64)
>
>> Has anyone experienced this?
>>
>> TT 2006 Premier. When figuring 1099B for a stock sale, to figure the
>> FIFO cost basis I entered all transactions, including DRiP's. During
>> proof-reading, I found that for one transaction, I entered .3000 instead
>> of .0300 (at $2.70). The Tax Owed calculator jumped a difference of
>> $1,558.00 for .27 of one share at $89.853 per share. I re-did it several
>> times with the same result each time. I am not a tax expert (except at
>> paying and paying them), but I am assuming something may be wrong. Any
>> comments?
>
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