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Author Topic: Filing Taxes using Turbo Tax??
JerZeyDeViL
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I wanted to try and file my taxes using turbo tax but am running into a problem when it comes to entering my stock info. When it asks for the number of shares sold, the most it will allow you to put in is 99,999. Obviously when it comes to trading penny stocks, alot of the time you have well over that amount therefore i have no idea how to enter it. I was hoping maybe somebody has done it before and can offer some assistance. This is my first time doing this and I know everyone says to take it to an accountant, but my main problem with that is I'm not getting much back this years and they want to charge me about half of my return....so I'm really trying everything I can to do this myself (or the cheapest way possible). I really do appreciate any and all help and thanks in advance!!
Posts: 596 | From: New Jersey | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
BooDog
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I sent an e-mail for just that reason. Then my wife suggested splitting up the amounts so they are just below the 100K amount. just would have to make multiple entries for the same date - lol - that could be a LOT of entries! They also have a disclaimer that if you override the calculations feature you loose your guarantee.

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This was their reply...
Response (David G) 02/04/2007 05:11 PM
Dear James,

We appreciate the opportunity to assist you with resolving your issue.

The limit on the # of shares you can report is 999,999. Unfortunately we cannot give tax advice, so your best option is to call the IRS at 800 829-1040 for assistance.

Thank you for contacting Intuit technical support.

Respectfully,

Intuit Tax Products Customer Service & Support
"Revolutionizing how people manage their financial lives"
Customer (Entered by David G) 02/04/2007 05:11 PM
Please tell me how to enter more than 99,9999.99 on the shares sold and number of shares for box 5 for the 1099-B entries
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Guess he didn't read the question. time to wait on phone was 60 min. yikes - might do that today so i can tell them about this bone head.


Supposed to be able to import the .txf file into turbotax from your putter also but couldn't do it. So that'll be another question.

Resubmitted my question. see if they get it this time.

Good luck jerzey!

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7754 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
JerZeyDeViL
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HaHa....nothing can ever be easy! Thx for informing me and good luck dealing with them. I'm gonna try contacting them myself and see what happens. Like you said....it could literally take days to input all that info if you were to split it up. And yeah, when it comes to the importing feature, I use scottrade and they're not even on the list so thats out of the question for me too, lol.

Oh well....let me know if you find anything out! Best of luck!

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SherriT
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quote:
Originally posted by JerZeyDeViL:
HaHa....nothing can ever be easy! Thx for informing me and good luck dealing with them. I'm gonna try contacting them myself and see what happens. Like you said....it could literally take days to input all that info if you were to split it up. And yeah, when it comes to the importing feature, I use scottrade and they're not even on the list so thats out of the question for me too, lol.

Oh well....let me know if you find anything out! Best of luck!

FYI - I have Scottrade as well, and I was able to export my file using the Gainskeeper feature, then import the file into Turbo Tax. I had several that were more than the 999,999 limit as well. No problems here - no overrides either. Mine is already sent and accepted. If you need step by step, I can double-check what I did and post it.

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Study before you buy, Sell before you think about it....

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JerZeyDeViL
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hmmm...thx Sherr...I haven't tryed the gainskeeper feature yet. I'm gonna try it tommorrow and I'll let ya know how I make out!
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horsefly
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i have ameritrade and the download did not work, gainskeeper feature, how and cannot find
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BooDog
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Still same issues. Did you use quicken sherri? I use MSN money and that isn't on the list. Gotta friend that has quicken though. Should just send everything to my cpa sisinlaw lol. Just wanna see if I can do it first.

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

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PCola77
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Well apparently that didn't work out so well huh? [Frown]

(If you didn't see her thread on the Hot Stocks board, the numbers were imported incorrectly and now she's being audited)

quote:
Originally posted by SherriT:
quote:
Originally posted by JerZeyDeViL:
HaHa....nothing can ever be easy! Thx for informing me and good luck dealing with them. I'm gonna try contacting them myself and see what happens. Like you said....it could literally take days to input all that info if you were to split it up. And yeah, when it comes to the importing feature, I use scottrade and they're not even on the list so thats out of the question for me too, lol.

Oh well....let me know if you find anything out! Best of luck!

FYI - I have Scottrade as well, and I was able to export my file using the Gainskeeper feature, then import the file into Turbo Tax. I had several that were more than the 999,999 limit as well. No problems here - no overrides either. Mine is already sent and accepted. If you need step by step, I can double-check what I did and post it.

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SherriT
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Actually, believe it or not, it came out to my ADVANTAGE - my refund should have been about $700 more than what it was before.

I am not blaming Scottrade or Gainskeeper - at the very least, the review by Turbo Tax should have caught those very simple math mistakes. I probably should double-check the file, but I would expect Gainskeeper to simply supply the shares, name, dates, and cost, not do the math for the gain or loss.

I dunno....even with the audit deal, it still took me a LOT less time entering, and I know the numbers are correct, I would simply recommend double-checking it before you file. All of the other forms were dead on except the Schedule D.

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Study before you buy, Sell before you think about it....

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BooDog
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SherriT you have been most helpfull. Thank you for your help putting me in the right direction. You would think tub-o-tax would train their people before they put them on the phones to help others. WUUUUUAAAHHHhahahaha!
Thanks!!

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

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PCola77
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Wow, glad to hear it! I assumed the worst.

quote:
Originally posted by SherriT:
Actually, believe it or not, it came out to my ADVANTAGE - my refund should have been about $700 more than what it was before.

I am not blaming Scottrade or Gainskeeper - at the very least, the review by Turbo Tax should have caught those very simple math mistakes. I probably should double-check the file, but I would expect Gainskeeper to simply supply the shares, name, dates, and cost, not do the math for the gain or loss.

I dunno....even with the audit deal, it still took me a LOT less time entering, and I know the numbers are correct, I would simply recommend double-checking it before you file. All of the other forms were dead on except the Schedule D.


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JerZeyDeViL
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Ahhhhhh...I finally had some time to play around with it and am still having problems. I just figured out that you used the software version of turbotax to take advantage of the gainskeeper feature. I'm using the online version of turbotax and there doesn't appear to be a way for me to do it =(
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BooDog
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Correct jerzy. Try HR block. you can use the online version - use your gainskeeper print out line item for line item including wash sales and it didn't stop me on the 99,999 issue. Make sure you verify against your 1099 - (mine only had a .10 discrepancy). Have to do it manually unless you have the desk top version i believe. I haven't typed in all of my entries yet (yikes) but so far so good. AND was sitting with a decent return - better than tubotax (by about $250) before I started my stock entries. If i run into any problems I'll post it.

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

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BooDog
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Dis is the one I was talkin about. Turbo fixed it.

--------------------
All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7754 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
   

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