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Posted by Jessica on April 1, 2008, 10:51 pm
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I have prepared my returns for several years, but had an accountant do it
this year.
I always listed each brokerage account (I have 5) in Schedule D for long and
short term, and included copies of the supplemental data for each account
which gave the details. For my state return (NY) I only included a copy of
the Federal sched D, without the supplemental data; because that is how my
accountant did it years ago, so I figured it was the proper way.
This year I see my accountant included the supplemental data with both
federal and state returns, eventhough he is filing electronically. Will
anyone (short of an audit) ever see the supplemental data; is it sent in
electronically also?
I am doing my two sons returns, and it got me to wondering if the
supplemental data needs to be sent in with their returns or not; Federal and
NYS.
NYS has never complained about the way I did it for 25 years, but that is
not proof they approve of it.
Thanks.
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Posted by Barry Margolin on April 1, 2008, 11:22 pm
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> I have prepared my returns for several years, but had an accountant do it
> this year.
>
> I always listed each brokerage account (I have 5) in Schedule D for long and
> short term, and included copies of the supplemental data for each account
> which gave the details. For my state return (NY) I only included a copy of
> the Federal sched D, without the supplemental data; because that is how my
> accountant did it years ago, so I figured it was the proper way.
>
> This year I see my accountant included the supplemental data with both
> federal and state returns, eventhough he is filing electronically. Will
> anyone (short of an audit) ever see the supplemental data; is it sent in
> electronically also?
>
> I am doing my two sons returns, and it got me to wondering if the
> supplemental data needs to be sent in with their returns or not; Federal and
> NYS.
>
> NYS has never complained about the way I did it for 25 years, but that is
> not proof they approve of it.
The tax agencies just want the information that you enter on Schedule D:
date acquired, cost basis, date sold, gross proceeds, capital gain/loss.
Any supplemental data your broker provides is just for your benefit, the
government doesn't care. You could save it in the event of an audit,
although it should duplicate they provided when you actually bought and
sold the stock.
--
Barry Margolin, barmar@alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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Posted by Don Priebe on April 2, 2008, 6:53 am
Please log in for more thread options > This year I see my accountant included the supplemental data with both
> federal and state returns, eventhough he is filing electronically. Will
> anyone (short of an audit) ever see the supplemental data; is it sent in
> electronically also?
>
> I am doing my two sons returns, and it got me to wondering if the
> supplemental data needs to be sent in with their returns or not; Federal
> and NYS.
On an e-filed federal return, paper supporting documentation is sent in with
an 8453 form as a "cover letter". I don't know if anyone ever reads it.
There is no way to send in any paper supporting documentation on an e-filed
NY return, as NY accepts only PIN filing and has no equivalent to the
Federal 8453 form. I asked the NY "outreach" person about this at a seminar
last fall - she said that was by design.
--
Don EA in Upstate NY
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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Posted by Harlan Lunsford on April 2, 2008, 5:43 pm
Please log in for more thread options Don Priebe wrote:
>> This year I see my accountant included the supplemental data with both
>> federal and state returns, eventhough he is filing electronically. Will
>> anyone (short of an audit) ever see the supplemental data; is it sent in
>> electronically also?
>>
>> I am doing my two sons returns, and it got me to wondering if the
>> supplemental data needs to be sent in with their returns or not; Federal
>> and NYS.
>
> On an e-filed federal return, paper supporting documentation is sent in with
> an 8453 form as a "cover letter". I don't know if anyone ever reads it.
>
> There is no way to send in any paper supporting documentation on an e-filed
> NY return, as NY accepts only PIN filing and has no equivalent to the
> Federal 8453 form. I asked the NY "outreach" person about this at a seminar
> last fall - she said that was by design.
>
You mean, then, that for NY state one must enter ALL 437 trades? Zounds!
ChEAr$,
Harlan
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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Posted by Don Priebe on April 2, 2008, 7:21 pm
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>> There is no way to send in any paper supporting documentation on an
>> e-filed
>> NY return, as NY accepts only PIN filing and has no equivalent to the
>> Federal 8453 form. I asked the NY "outreach" person about this at a
>> seminar last fall - she said that was by design.
> You mean, then, that for NY state one must enter ALL 437 trades? Zounds!
No. NY gets your Schedule D which says something like "See attachment" and
has the totals on it, they just don't get the attachment! And they're
happy.
--
Don EA in Upstate NY
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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