Schedule D Transactions

[raven1818]

Have any members had need to put in more than 100 schedule D transactions this tax season. I thought ATX was going to give us the ability to send attachments with the individual returns this season for our "day trader" clients. Has anyone had to deal with this problem this season. I know in the past there have been lively discussions regarding this matter.

[Jack from Ohio]

There is the ability to attach .pdf files. However, the IRS will not accept an attachment with the information. All transactions must be entered into the tax return.

If the day trader can provide you ALL the NEEDED INFO in an excel spreadsheet, you can import directly into the program. You must make sure the spreadsheet is configured correctly to get the right information in the correct place.

Otherwise, get ready to hone your typing skills and charge a lot more....

[jainen]

>>the IRS will not accept an attachment with the information<<

Your software should have a way to do this. The instructions to Schedule D (now including Form 8949) still say "Instead of reporting each of your transactions on a separate line of Form 8949, you can report them on an attached statement containing all the same information as Form 8949 and in a similar format."

[ljwalters]

This is crazy this year. We can no longer mail the brokerage statement via the 8453 as long as it is in the correct format?

Linda

[TAXMAN]

Linda,

Is that correct that we cannot use the 8453 and attach stmt as long as it is in correct format?

[TAXMAN]

Any futher news on this question?

[jainen]

>>Any futher news on this question?<<

You mean the question of whether we are supposed to follow the IRS instructions I quoted?

How about the actual Form 8453 we are discussing? It has a check box for attaching "Form 8949, Sales and Other Dispositions of Capital Assets, (or a statement with the same information)."

[TAXMAN]

Can we still use the 8453 with the 8949 with the information. I really don't like to put in 30 to 50 sales if I don't have to. Also how would you bill for this if you had to put these in?

[jainen]

>>Can we still use the 8453 with the 8949 with the information<<

Maybe i"ll change my name to Cassandra.

[jklcpa]

>>Can we still use the 8453 with the 8949 with the information<<

Maybe i"ll change my name to Cassandra.

Blame it on Apollo

[Randall]

In the past I've entrered the entries or attached statments to the 8453. This year I had one client send me a csv file. I already have received it from the broker but I'm waiting for the client to bring in his info to begin the return. I hope to try the download and see how smoothly it goes. ATX does have that import worksheet. I want to try to take advantage of this more.

[raven1818]

Thanks to everyone for responding. I ended up using the ATX feature for schedule D and added the information from the broker statement via the client "CSV" file. It worked like a dream and it even fills in the sale/cost information on the state returns where necessary. I really must say the software has greatly improved over the last 10 years I have used it.

[grandmabee]

How do you get the client CSV file? When I ask the client they know nothing and when I called the broker they couldn't tell me either. Do they have to have a online account with broker to do this? Do they send you the csv file thru email?

[Hahn1040]

Clients can generally get an excel file from the brokerage or fund co.

The client sends you the excel file electronically (email, upload to secure site, or transfer on CD or thumb drive, etc)

You then save the excel file as a csv file

then you can import

[Jack from Ohio]

I have gone to the client's page in the brokerage website and download the reports. Clients are quick to give me access when I tell them that if I put them all in manually, it is $1 per transaction. I charge 25% of that amount if I am able to download.

Sometime you get paid for what you know, not what you do....

[Randall]

I asked this client ahead of time because he usually has a lot of transactions. I asked him to get the file and either send it to me or bring it in on a flash drive. Apparently, he had the broker send it to me directly by email. I think most brokers can do an excel file or csv file directly.

[GLJEANNE]

My csv spreadsheets have everything coded for the Form 8949 Box - but I don't see an option in ATX to bring that data over. If we import the data, is there a way to fill that in too, without going through manually?

[Dale in IN]

I e-filed a return last week and all I did was put on the input sheet as long/short term C/G 1099-B. List the short on one transaction and the as another. That is providing you have all the basis . Make sure your figures match the 1099-B. I may hear about it later but it went through e-file anyway.