Turbo Tax Deluxe 2008

az willie wrote in news:Xns9A3E7A202780A456321@69.28.173.184:

I think the intent is to use the "Capital Gain (Loss) Transaction Worksheet". Without IRS redesigning Sked D, I don't see any way to easily reconcile Sked D to 1099-B forms.

scott s. .

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.

Selecting a 1099-B entry from "Search Topics or Forms" takes you to an interview topic or worksheet associated with that 1099-B topic. But even in TT07 Premier there is no 1099-B form, as you'll see if you select "Forms ->

Open a Form...". Perhaps there was in past years, but I know I've never used or needed it.

"Andrew" wrote in news:47acc7de$0$7892$ snipped-for-privacy@cv.net:

==============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 :)

"Jerry Boyle" wrote in news:aF4rj.569335$ snipped-for-privacy@bgtnsc04-news.ops.worldnet.att.net:

=============When I go there and select 1099-B it just takes me to the Schedule D where I imported all the sales for the year. Which is wrong.

When I use the Open Form I get a list of all the forms in TT and there is no 1099-B listed there.

Good thing I'm already bald. :)

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.

"D.Duck" wrote in news:xZadneBDjsY5uDDanZ2dnUVZ snipped-for-privacy@giganews.com:

=============Not quite. The 1099-B info is more than a record of your sales. It has the broker name and their federal id # as well as the sum of the proceeds from your trades. Depending on the broker there can be other info also.

The Schedule D is where you enter the record of your trades ... not the

1099-B.

We are in agreement though that the 1099-B has to match the sums on the Schedule D.

I received an email awhile ago from the girl who was trying to help me and she sent me a phone number to call another department.

I gotta say she tried hard to help but it was obvious she was in over her head when it came to TT and investments. I have grave doubts about what her supervisor told her to tell me also.

So next week I will call the number she sent and see if I can get better resolution of the question.

When you refer to your "1099-B", are you actually referring to a 1099 consolidated statement, which may contain forms 1099-B, 1099-INT, 1099-DIV,

1099-OID, 1099-MISC and perhaps other stuff I've never heard of. If the latter, then you can find one or more entries for each, as well as many entries for "1099 consolidated statement ..." in "Search Topics or Forms". You can also use "Forms -> Open a Form..." to get to the appropriate form or worksheet, or the appropriate interview section for each form individually.

For Form 1099-B itself TT07 Premier has 3 entries beginning "1099-b..." in "Search Topics or Forms":

1099-b sales of stocks and bonds 1099-b, proceeds from broker and investments transactions 1099-b, tax withholding

The first item takes you to Schd D, which is where these items belong. I know nothing about the other two items because they've never applied to me.

I'm no tax expert but in my very limited experience with relatively simple tax situations I've detected little or no IRS or state interest in the Federal ID # of any of my employers, brokers, banks or IRA custodians unless taxes were withheld from the proceeds. If this info is indeed still required for 2007 tax returns, my guess is that clicking on "1099-b, tax withholding" will take you to a place where you can enter it.

As far as entering data on Form B, I think we've established that it isn't gonna happen with this year's TurboTax. You'll have to compare your broker's totals and tax return totals manually. I've never seen it, perhaps because my tax situation never required it. Are you sure you saw it in TurboTax and not another tax program?

Also, did you read the instructions that came with your broker's statement? I still haven't gotten mine yet, but last year's told me exactly where each Form 1099-B item went on my return.

Tax experts please point out any errors or questionable assertions that I've made and not pointed out.

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).

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,

for the instructions for form

1099-B, especially (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

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

The interview for 1099-B in Turbotax specifically relates to the information provided by 1099-B. It asks for Box 7, Box 2, Box 7A, etc.

His two points were: "Every year TT has had me enter info from my broker's

1099-B form." and "This year I could not find a place to enter that data."

The data input screen is clearly there. It says "Tell us how you want to enter the information on this investment sale (usually reported on Form

1099-B)." What is so hard to understand about this, and why did the OP spend so long on the phone with TT? Geez.

"Oilcan" wrote in news:%4crj.8368$ snipped-for-privacy@nlpi068.nbdc.sbc.com:

I compared last years TTax to this years. The interview for entering the sale of an investment is essentially identical in both. Both ask for the description from Box 7, the net proceeds from Box 2, and the date of sale from Box 1a. There is a checkbox option for fed tax witheld, which I did not follow, but assume it asks for the info in Box 4. There's no way nor requirement that I am aware of to report CUSIP, Broker name, account number, etc to IRS on Sked D or any other Form.

For 2006, the info entered in the interview is transferred to the "Capital Gains and Losses Smart Worksheet". This becomes the input to sked D. Also, any imported capital gains from Quicken are sent directly to this "smart worksheet". I don't have earlier versions of TTax installed on this machine, but that's how I remember it working from day 1.

For 2007, the info is now transferred to a new worksheet, called "Capital Gain Speed Entry Worksheet". Imported data seems to no longer go to this form, but are now entered directly into the Sked D. Now there is the new worksheet "Capital Gain Transaction Worksheet", and in fact this worksheet has lines where you can put all that extra data from your 1099-B if you want.

My understanding (at least for mutual funds which I mainly own) is that in the past you could list the sale on a single line with a purchase date of "various" for multiple lot sale, but a couple years ago IRS started requesting each lot listed separately, although the instructions for Sked D still say the "various" entry is permitted.

scott s. .

Becomes very hard in mutual funds especially if it is moved between funds on a non-taxable basis.

My numbers differed from the broker, but since the broker provided information - not material to the amount of the taxes paid - I elected to go with the brokers numbers. I still had to divide the 1099-B between short-term and long-term (broker provided basis but not per lot), so I input the summary. Again, my numbers in Quicken differed - only by a few hundred dollars and there was no impact to the end result of my taxes.

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.