How to efile?

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Subject Author Date How to efile? mort 01-05-2009  Re: How to efile? Brew1 01-05-2009  Re: How to efile? Brew1 01-05-2009  Re: How to efile? mort 01-05-2009  Re: How to efile? Bob Sandler 01-06-2009  Re: How to efile? Paul Thomas, CPA 01-06-2009  Re: How to efile? Arthur Kamlet 01-05-2009  Re: How to efile? mort 01-06-2009  Re: How to efile? Arthur Kamlet 01-06-2009  Re: How to efile? mort 01-07-2009  Re: How to efile? Paul Thomas, CPA 01-07-2009  Re: How to efile? Arthur Kamlet 01-07-2009
Posted by mort on January 5, 2009, 4:25 pm Please log in for more thread options I used an accountant to do my taxes the last two years. Prior to that I used TaxCut and mailed my returns in. This year I am going back to TaxCut, but may efile. I have 6 investment accounts, each of which has dozens of transactions. On schedule D I listed each account twice; once for long term and once for short term gains, and then attached copied of my account statements to support the schedule D entries. The accountant filled out the schedule D the same as I did, but didn't send any supporting documents in with the efiled return. He said that it was adequate to have them available if the IRS did and audit. The IRS hasn't complained yet, so I guess that is acceptable, but want to make sure. It is one thing to have my accountant do it wrong, but quite another to do it wrong myself. Hopefully I have explained the process adequately; is it the right way to do it? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Brew1 on January 5, 2009, 7:49 pm Please log in for more thread options mort wrote: > I used an accountant to do my taxes the last two years. Prior to that I > used TaxCut and mailed my returns in. This year I am going back to TaxCut, > but may efile. > > I have 6 investment accounts, each of which has dozens of transactions. On > schedule D I listed each account twice; once for long term and once for > short term gains, and then attached copied of my account statements to > support the schedule D entries. > > The accountant filled out the schedule D the same as I did, but didn't send > any supporting documents in with the efiled return. He said that it was > adequate to have them available if the IRS did and audit. The IRS hasn't > complained yet, so I guess that is acceptable, but want to make sure. It is > one thing to have my accountant do it wrong, but quite another to do it > wrong myself. > > Hopefully I have explained the process adequately; is it the right way to do > it? > You may e-file, but do not use a pin. You need to mail in Form 8453 with your Schedule D-1 attachment. If you generate an 8879, you didn't do it properly. See: http://www.irs.gov/efile/article/0,,id=98294,00.html -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Brew1 on January 5, 2009, 9:47 pm Please log in for more thread options > mort wrote: > > I used an accountant to do my taxes the last two years.  Prior to that I > > used TaxCut and mailed my returns in.  This year I am going back to TaxCut, > > but may efile. > > > I have 6 investment accounts, each of which has dozens of transactions.  On > > schedule D I listed each account twice; once for long term and once for > > short term gains, and then attached copied of my account statements to > > support the schedule D entries. > > > The accountant filled out the schedule D the same as I did, but didn't send > > any supporting documents in with the efiled return. He said that it was > > adequate to have them available if the IRS did and audit.  The IRS hasn't > > complained yet, so I guess that is acceptable, but want to make sure.  It is > > one thing to have my accountant do it wrong, but quite another to do it > > wrong myself. > > > Hopefully I have explained the process adequately; is it the right way to do > > it? > > You may e-file, but do not use a pin.  You need to mail in Form 8453 > with your Schedule > D-1 attachment.  If you generate an 8879, you didn't do it properly. > > See:http://www.irs.gov/efile/article/0,,id=98294,00.html > > I think some of my information is out-dated, as the 8453 is no longer a signature document. At any rate, if you generate an 8453, you filed correctly and only need to mail in the 8453 with your substitute Schedule D-1 (your brokerage statement). -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by mort on January 5, 2009, 11:13 pm Please log in for more thread options >> mort wrote: >> > I used an accountant to do my taxes the last two years. Prior to that I >> > used TaxCut and mailed my returns in. This year I am going back to >> > TaxCut, >> > but may efile. >> >> > I have 6 investment accounts, each of which has dozens of transactions. >> > On >> > schedule D I listed each account twice; once for long term and once for >> > short term gains, and then attached copied of my account statements to >> > support the schedule D entries. >> >> > The accountant filled out the schedule D the same as I did, but didn't >> > send >> > any supporting documents in with the efiled return. He said that it was >> > adequate to have them available if the IRS did and audit. The IRS >> > hasn't >> > complained yet, so I guess that is acceptable, but want to make sure. >> > It is >> > one thing to have my accountant do it wrong, but quite another to do it >> > wrong myself. >> >> > Hopefully I have explained the process adequately; is it the right way >> > to do >> > it? >> >> You may e-file, but do not use a pin. You need to mail in Form 8453 >> with your Schedule >> D-1 attachment. If you generate an 8879, you didn't do it properly. >> >> See:http://www.irs.gov/efile/article/0,,id=98294,00.html >> >> > > I think some of my information is out-dated, as the 8453 is no longer > a signature document. > At any rate, if you generate an 8453, you filed correctly and only > need to mail in the 8453 > with your substitute Schedule D-1 (your brokerage statement). > My accountant never mailed anything in. Did he do it wrong then? I thought the IRS would need the statement, but he said no. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Bob Sandler on January 6, 2009, 2:06 am Please log in for more thread options >>> mort wrote: >>> > I have 6 investment accounts, each of which has dozens of transactions. >>> > On >>> > schedule D I listed each account twice; once for long term and once for >>> > short term gains, and then attached copied of my account statements to >>> > support the schedule D entries. >>> >>> > The accountant filled out the schedule D the same as I did, but didn't >>> > send >>> > any supporting documents in with the efiled return. He said that it was >>> > adequate to have them available if the IRS did and audit. The IRS >>> > hasn't >>> > complained yet, so I guess that is acceptable, but want to make sure. >> At any rate, if you generate an 8453, you filed correctly and only >> need to mail in the 8453 >> with your substitute Schedule D-1 (your brokerage statement). >> >My accountant never mailed anything in. Did he do it wrong then? >I thought the IRS would need the statement, but he said no. Yes, the accountant did it wrong. If you put only summary entries on Schedule D, you are supposed to mail in the statements showing the details. Bob Sandler -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Efile Deadline February 17, 2009, 4:52 pm Efile amendment April 13, 2009, 11:02 am Massachusetts efile letter November 24, 2006, 11:34 pm eFile Joint with deceased spouse November 24, 2006, 2:08 am efile - incorrect date of birth April 3, 2007, 2:07 am Amended Return - Claim Teacher Credit, Efile July 19, 2009, 1:09 pm