WARNING - Problem with Schedule B on Turbo Tax

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WARNING - Problem with Schedule B on Turbo Tax

Postby EagertoLearnMore » Wed Jan 30, 2013 5:44 pm

I just encountered a serious bug in Turbo Tax and was frustrated until I resolved the problem. When you enter interest and dividends into Turbo Tax (which goes into Schedule B), DO NOT enter any fields that are zero. Just leave the zero fields as blank fields and only enter the numbers. This will eliminate the problem I encountered which is the phantom population of tax-exempt fields in Schedule B which causes both Federal and State Review errors and cannot be changed. The only solution is to go to the Home page and delete Schedule B completely and re=enter all of your 1099-INT and 1099-DIV. If you enter the zeroes, you get repeated requests for state payer of tax exempt interest/dividends as well as the payer name. This bug can only be resolved by deleting the entire Schedule B. Hope this saves you some time.
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby jebmke » Wed Jan 30, 2013 6:12 pm

software bugs are another reason why I wait to prepare and file until very late in the season.

Those of us who are late filers thank those of you who are early filers for finding the bugs.
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby livesoft » Wed Jan 30, 2013 6:33 pm

I was working with TT this weekend and I recall reading the instructions (paraphrasing) "do not put in a zero if the field is blank on the 1099. leave the field as blank."

I had 1 cent ($0.01) in tax-exempt interest in 2011. That added a few extra bits of hassles to my tax return.
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby sscritic » Wed Jan 30, 2013 6:58 pm

livesoft wrote:I was working with TT this weekend and I recall reading the instructions (paraphrasing) "do not put in a zero if the field is blank on the 1099. leave the field as blank."

Nobody reads instructions, certainly not on bogleheads. I don't have TT, but I do have H&R Block At Home, and I don't read its instructions. Sometimes I read the IRS instructions, but never software instructions.
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby gd » Wed Jan 30, 2013 7:12 pm

At least the second thread on the blank field vs. zeros TT bug. I'm betting 10 by April 15 unless they fix it.
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby lindisfarne » Wed Jan 30, 2013 7:15 pm

livesoft wrote:I was working with TT this weekend and I recall reading the instructions (paraphrasing) "do not put in a zero if the field is blank on the 1099. leave the field as blank."

I had 1 cent ($0.01) in tax-exempt interest in 2011. That added a few extra bits of hassles to my tax return.


1 cent rounds down to zero, doesn't it? Could you have just ignored it? I'm sure somewhere in Pub 17 it grants permission to round numbers.
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby Dale_G » Wed Jan 30, 2013 7:47 pm

TurboTax is getting better, but apparently they still only use tax experts and software folks to check the program before release. Someday they will catch on and try it out on everyday taxpayers before release. The bug described is inexcusable in a consumer product.

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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby Kevin M » Thu Feb 07, 2013 6:20 pm

I was able to resolve this problem by simply deleting the 0.00 in the offending fields. I use the desktop version, so I'm not sure if you can do this with the online version.

There are several other problems as well, but I assume they are mentioned in other threads. I am searching to verify.

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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby BrandonBogle » Thu Feb 07, 2013 6:36 pm

jebmke wrote:software bugs are another reason why I wait to prepare and file until very late in the season.

Those of us who are late filers thank those of you who are early filers for finding the bugs.


That has always been my plan! :twisted:
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby Kevin M » Thu Feb 07, 2013 7:00 pm

After searching a bit, I didn't see some of the other problems mentioned.

Most importantly, the sales price and cost basis amounts are rounded down to the nearest $0.10 (e.g., $300.67 will be downloaded as $300.60), and number of shares is rounded to two decimal places, but is reported to three decimal places on paper 1099-B.

As I saw mentioned in another thread, the Description field shows the transaction type (e.g., phone exchange to ...) instead of number of shares and fund name or symbol. I found that TT fixes this automatically by going through Easy Guide for each sale; it changes it to number of shares and ticker symbol.

While doing this, I corrected the amounts. Also, some of the check boxes are incorrect, so I fixed these too.

I am using the Premier version of TT (I decided to splurge and spend the $10 instead of using the free version of Deluxe through Vanguard (Flagship), hoping that it would make some of the data entry easier, but so far, it doesn't seem to have done so). I have reported all of these problems to Vanguard.

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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby mickeyd » Sat Feb 09, 2013 5:38 pm

The only solution is to go to the Home page and delete Schedule B completely and re=enter all of your 1099-INT and 1099-DIV. If you enter the zeroes,


This is also what I did and it worked. Wish I had read this thread earlier...would have saved me a couple of hours of tapping and clicking. :oops:
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby Kevin M » Sat Feb 09, 2013 6:25 pm

mickeyd wrote:
The only solution is to go to the Home page and delete Schedule B completely and re=enter all of your 1099-INT and 1099-DIV. If you enter the zeroes,


This is also what I did and it worked. Wish I had read this thread earlier...would have saved me a couple of hours of tapping and clicking. :oops:

:confused As mentioned above, you do not have to delete Schedule B and enter everything manually. You just need to delete the zeroes in one field for each 1099-DIV. Only takes a few minutes.

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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby mickeyd » Sat Feb 09, 2013 6:28 pm

Kevin M wrote:
mickeyd wrote:
The only solution is to go to the Home page and delete Schedule B completely and re=enter all of your 1099-INT and 1099-DIV. If you enter the zeroes,


This is also what I did and it worked. Wish I had read this thread earlier...would have saved me a couple of hours of tapping and clicking. :oops:

:confused As mentioned above, you do not have to delete Schedule B and enter everything manually. You just need to delete the zeroes in one field for each 1099-DIV. Only takes a few minutes.

Kevin


I tried that Kevin, but it would not take.
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Re: WARNING - Problem with Schedule B on Turbo Tax

Postby Kevin M » Sat Feb 09, 2013 8:09 pm

mickeyd wrote:I tried that Kevin, but it would not take.

I'm using the desktop version; maybe if you are using the online version, that's the difference.

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