Tax Planner That Models 1099 Forms

The desktop (not online) version of (believe it or not) TurboTax has a very good "Forms" mode. Or at least they did the last time I looked at the program 2 years ago, and it was selling for about $20 on Amazon.

I am not familiar with all of the consumer and professional tax software out there.... But, I have never come upon software that did not do what you want either by entering the data from your 1099 form to a replica on the screen or to a worksheet. As the previous responder said, even TurboTax allows you to avoid the Qs&As and enter data directly. "Taxwise" desktop and online versions from CCH uses an Interest worksheet and a Dividend worksheet. You would enter the data from each box on the form to a single line entry with columns for the data. Those line entries would then populate the Schedule B and page one of the

"W" wrote

It looks like you're asking about tax planning software, not 1099 generating software.

I use Drake, and their tax planning portion of the software starts with the current year, and then you open the tax planning year(s) and go to that planning year and enter the 1099 int, div, etc that you anticipate. The end result is that it captures each issuer (instead of a lump guess change). The tax planner report looks like a 1040 with "tax planner" watermarked across the page. Detail reports on the int, div, rentals, lottery winnings, etc can be listed out if you tell it to give you that detail.

Hope that helps.

Take a look at the "Documents Received" section of TaxAct

very good "Forms" mode. Or at least they did the last time I looked at the program 2 years ago,

You were right the desktop version of Turbotax has a great forms mode that makes entry from 1099 forms easy.

The one feature I would like that Turbotax doesn't have is the ability to enter just the total sales and total cost basis across *all 1099-B* transactions for a given broker. For planning purposes, I don't need to enter 30 transactions. It would suffice to just enter in the bottom line numbers.

Does any tax planning software have a forms mode but also have the ability to enter just summary information for the 1099-B without requiring data entry of each individual stock sale?

I'm sure it has some way of entering "various" for the purchase date. You still have to separate between long and short term, but other than that you can just enter totals.

BTW, when doing your real return you can use a broker's statement, if it meets certain requirements, and just enter totals. See the Schedule D instructions.

Phil Marti VITA/TCE Volunteer Clarksburg, MD

TurboTax does have that feature. Here's how to do it in forms mode. You have to use the Capital Gain (Loss) Transaction Worksheet, not the Capital Gains (Losses) Speed Entry Worksheet. In Part I, on line 1a, click No. (You're just doing an estimate, not an actual return. Keep it simple.) On line 2, click box j, "Statement with details attached." In Part IV, line 12, select Short-term, Long-term, or Both. In Part X enter the total sales price and total basis on lines 4 and 5, in the appropriate column(s).

Bob Sandler

I am having problems finding this section in TurboTax.

I go to Personal Income and select the "Explore on My Own" option. Under the 1099-B sub-entry for sale of stock I press the Start button and I select the option to "Enter on a Spreadsheet". I don't find any path to a "Capital Gain (Loss) Transaction Worksheet" that has a Part 1 Line 1a.

The instructions I gave you are for *forms mode*, as I said in the first line of the instructions, not for the Step-by-Step interview. In your previous post you talked about forms mode, so I thought that's what you were using. To use the Capital Gain (Loss) Transaction Worksheet you have to open the worksheet in forms mode. (In the list of forms the title is shortened to Capital Gain Wks.)

You didn't say what level of TurboTax you are using. If you want to make summary entries using the Step-by-Step interview, and have TurboTax handle them more or less automatically, you need either TurboTax Premier or TurboTax Home & Business.

The spreadsheet entry method does not handle summary entries. You have to select EasyGuide, not "Enter on a Spreadsheet." Then, on the screen that asks for the type of investment sale, near the bottom of the list, under Other, select "Attach a statement - broker-reported sales without basis reported to the IRS." (The "attach a statement" options don't appear in the lower editions: TurboTax Basic or Deluxe.) Click Continue. On the next screen, select Short-Term, Long-Term, or Both. Then it will display boxes for you to enter the total proceeds and cost basis.

Bob Sandler

Okay, now I follow your original instruction. Part of the problem is that the forms have slightly different names than you gave. A big related issue is the "Cap Gains Wks" is a parent category of subforms, and it is not at al l clear that by double clicking the parent category you actually do get a form.

Now I have it working and thanks!!