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TaxAct entering consolidated 1099-B

Posted: Sun Mar 10, 2019 9:15 pm
by raixx017
Hello,
I'm using TaxAct online, for the first time to fill this year's taxes. While adding 1099-B information for my VG transactions, I thought of adding the "consolidated" version (i.e. one entry reflecting the _combined total_ of each individual ones).
Thus, on date sold and acquired I wrote "various".

However, before I could proceed I was thrown a "mini alert" that said:

Warning: Form 1099-B - Invalid Date Sold
If you plan to e-file your return the IRS will not allow 'Various' for the date sold. They require a valid date that is during 2018.
Is this a taxact peculiarity or a common thing amongst all efile systems? Also, does this mean I cannot enter a consolidated 1099-B figure, and have to enter each transaction separately ?

Thanks.

Re: TaxAct entering consolidated 1099-B

Posted: Sun Mar 10, 2019 9:18 pm
by livesoft
One can only use "Various" on date acquired.

Perhaps you are really asking about "Summary" transactions though. They generally don't go on the same form, so I wonder if you are filling out Schedule D or Form 8949.

Re: TaxAct entering consolidated 1099-B

Posted: Mon Mar 11, 2019 12:45 am
by raixx017
Thanks @livesoft!

I looked around more, that this is what I found in one of the help sections
If you received a consolidated Form 1099-B from your broker that lists more than one sale during the year add a separate Form 1099-B in TaxAct for each sale.
So, I guess I will have to enter each transaction separately.

Thanks again, for the quick reply.

Re: TaxAct entering consolidated 1099-B

Posted: Mon Mar 11, 2019 7:56 am
by livesoft
You have posted TaxAct instructions and not IRS instructions. It seems that TaxAct might be doing you a disservice. This seems like a case where tax prep software prevents one from learning about tax form instructions.
IRS Schedule D instructions, p. D-12 wrote:Lines 1a and 8a—
Transactions Not Reported
on Form 8949

You can report on line 1a (for short-term
transactions) or line 8a (for long-term
transactions) the aggregate totals from
any transactions (except sales of collectibles) for which:
• You received a Form 1099-B (or
substitute statement) that shows basis
was reported to the IRS and doesn't
show any adjustments in box 1f or 1g;
• The Ordinary box in box 2 isn’t
checked; and
• You don't need to make any adjustments to the basis or type of gain or
loss reported on Form 1099-B (or substitute statement), or to your gain or loss.
See How To Complete Form 8949, Columns (f) and (g) in the Form 8949 instructions for details about possible adjustments to your gain or loss.
If you choose to report these transactions on lines 1a and 8a, don't report
them on Form 8949. You don't need to
attach a statement to explain the entries
on lines 1a and 8a and, if you e-file your
return, you don't need to file Form 8453.

Re: TaxAct entering consolidated 1099-B

Posted: Mon Mar 11, 2019 9:10 am
by Direwolf14
For entering summary 1099-B info in TaxAct, I just do something like the following:

Short-term: date acquired 1/1/18, date sold 12/31/18, reporting category A
Long-term: date acquired 1/1/17, date sold 12/31/18, reporting category D

The dates don't actually appear on Schedule D or Form 8949, so I just use valid placeholders.

Re: TaxAct entering consolidated 1099-B

Posted: Mon Mar 11, 2019 7:39 pm
by kaneohe
For our Tax-Aide program, our instructions are to use VARIOUS for acquisition date and to pick some date from among the many sell dates.
If your 1099-B reflects only covered shares, IRS should have the detailed info also.

Re: TaxAct entering consolidated 1099-B

Posted: Wed Mar 13, 2019 8:23 pm
by raixx017
Thank you all ! That was greatly helpful. :sharebeer

Re: TaxAct entering consolidated 1099-B

Posted: Thu Mar 14, 2019 6:06 pm
by dratkinson
Related question. Is the form 8949 required for covered shares?

I ask because my Sch D is populated with the correct totals from the 1099Bs reflecting ST and LT sales, but the ST and LT forms 8949 did not print with my draft tax return. (If it matters, I'm using OLT, not TA this year.)

This is one of the questions I need to resolve before finalizing my returns.

Re: TaxAct entering consolidated 1099-B

Posted: Thu Mar 14, 2019 10:34 pm
by kaneohe
dratkinson wrote:
Thu Mar 14, 2019 6:06 pm
Related question. Is the form 8949 required for covered shares?

I ask because my Sch D is populated with the correct totals from the 1099Bs reflecting ST and LT sales, but the ST and LT forms 8949 did not print with my draft tax return. (If it matters, I'm using OLT, not TA this year.)

This is one of the questions I need to resolve before finalizing my returns.
see lines 1a/8a of Sch D https://www.irs.gov/pub/irs-pdf/f1040sd.pdf
which say that if basis is reported to IRS and adjustments are necessary, only Sch D is needed w/o 8949

Re: TaxAct entering consolidated 1099-B

Posted: Fri Mar 15, 2019 3:30 pm
by dratkinson
kaneohe wrote:
Thu Mar 14, 2019 10:34 pm
dratkinson wrote:
Thu Mar 14, 2019 6:06 pm
Related question. Is the form 8949 required for covered shares?

I ask because my Sch D is populated with the correct totals from the 1099Bs reflecting ST and LT sales, but the ST and LT forms 8949 did not print with my draft tax return. (If it matters, I'm using OLT, not TA this year.)

This is one of the questions I need to resolve before finalizing my returns.
see lines 1a/8a of Sch D https://www.irs.gov/pub/irs-pdf/f1040sd.pdf
which say that if basis is reported to IRS and adjustments are necessary, only Sch D is needed w/o 8949
Thanks. I must have known this answer at one time, but forgot it.

Going back through my old tax returns I see I had similar omitted form 8949s in 2016. But at the time I was also dealing with selling uncovered shares and Vanguard's website cost basis not agreeing with its mailed 1099Bs, and neither agreeing with my Excel cost basis. Good times.

Now kinda wish I had the old form 8949s, just for documentation. If needed, it'd be simpler than rooting through envelopes looking for old 1099Bs.



The tax s/w prints several worksheets for information, that are not included with our tax return. I see I have 3 this year: SS Benefits ws, QDI and CGs Tax ws, and Statement of Carryover.

So may try to trick the s/w into printing my 8949s for the covered shares by entering code B (cost basis adjustment) and a $zero adjustment, to see if that will fool it into printing them. Then remove the adjustments before filing.

Or maybe it would be simpler to send an email to the OLT CSR and see if I can set an override to cause the s/w to print the form 8949s for documentation.

I'll try both ways when I get to the library this weekend.

Re: TaxAct entering consolidated 1099-B

Posted: Fri Mar 15, 2019 11:47 pm
by RetiredAL
Today I finalized, printed, and submitted my taxes via TaxAct.

In taxable, I had a single sell of SWPPX with multiple buys. The TaxAct 1099-B questionnaire requested separate entries, however it accepted a single summary entry for "Box E" using various for the acquired date and the real sell date. TaxAct did create a Form 8949 Box E using those dates. The "checker" function noted the various and asked me to verify that the Box E entry was correct. My guess is they cross-check the dates to the Box Letter. The Box E 8949 data transferred to Schedule D line 9 - Box E.

The questionnaire for the single entry Box D of SWPPX did not create a Form 8949 and transferred that to Schedule D line 8a.

The instructions for Form 8949 says summary entries for an item is OK if there are no adjustments to the individual entries.

I have never liked that TaxAct will not allow a "print" until just before the submit step. Thus I always advance to the print, then exit TaxAct to review the printed return, then when I return to TaxAct, I have a bunch of screens to go through again, including the print, to get to the submit.