Finance Questions? Ask a Financial Expert for Answers ASAP
Is it all short-term?
I'd just enter the totals in Turbo Tax and attach a copy of the summary page from the broker with
a note that the detail is available in your records;
Can you get over the 10M if you just enter totals?
I'm not actually seeing an IRS form, just The TT site info part
Any number larger than 10 mil, it will not take
So you'll just have to enter the S/T gain or loss # & enter the total 1099-B manually;
You mean the thousands of trades?
It doesn't go anywhere so as long as you get the total net gain or loss into Turbo Tax that should work
No just the total
Good, so what do I put in their space for total dollar amount of trades?
You do it manually
Or here's another idea
When I try to write in the numbers, it rejects it and says the max is 10 mil
What if you leave the a digit off but get the right gain in & then enter the digit manually
when I say manually I mean use a pen
the number is XXXXX
So ok enter 789,833.
then after the return prints; just write in the 10,
since TurboTax has no means to do that, I guess I ditch them then?
No, can't you do what I'm saying & still use turbo tax?
leave off the 10 million but enter the numbers so you get the correct gain or loss
then just write in the 10 after you print the return
If I enter the number you suggest, Turbo Tax is going to compute the consequences based on that number
What difference does it make; the total cost and selling prices don't matter as long as the gain or loss is correct
that's all that is used
then you just add the millions manually on the paper, not in the computer
I think I understand
10,789,833 becomes 789,833
same thing with the other side cost or selling price
as you say, print it out, add the10 to it.
then when it's all done just pen in the 10
the schedule you attach will have the correct number from the broker
and you suggest, not sending the 84 pages of detail?
there's more than one way to skin a cat
what do you think the IRS is going to do with 84 pages of trades?
Thank yo Stephen
All you'll do is get your return pushed off into a separate pile
sorry bout'the "yo"
where some supervisor will have to look it over & decide what to do with it
that's what they do;
I don't want my return in any separate piles if i can avoid it
Thank you again
do you send an email copy to me?
I can't, we can't exchange emails; it will get blocked
you can either bookmark it & come back anytime or
highlight it and print it
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You've done great Steve