Stock option sale 1099-b
When asked, I am entering a corrected basis. To calculate a gain, the software is using the Form B Box 1e basis amount that I entered earlier in the interview process, not the corrected basis.
When I open and look at formI see that there is a code "B" in column fconsistent with the fact that I entered a corrected basis. However, no adjustment is made to the basis for example, no adjustment in column g of ; and, again, the calculated gain in column h of is based on the incorrect basis amount from the broker that I entered from my B, not the corrected basis amount that I entered when I was asked by the software.
When I open the Capital Gains and Losses Worksheet, the entry for this stock sale shows both the B Box 1e basis from the broker and the Correct Basis that I entered. Can anyone tell me why Schedule D, and the all reflect the broker-provided basis, and not the corrected basis that I entered?
The one point in your question that might be causing the problem is you mention that code "B" appears in column "f". Code "B" indicates that the Short-term transactions reported on Form B showing basis were not reported to the IRS. This is because of the rule that the basis of any stocks you purchased in or later must be reported to the IRS by the broker. Try that and see if it resolves the issue. Schedule D and Form amount s only reflect the amount s passed down from Form Thank you so much for taking time to review my post and for replying.
I wanted to continue the dialogue here. I hope that you have time to continue. Others welcome too - please join in. I opened Form that the software is generating, and it checks Box A at the top of the form - seems right.
The letter "B" that appears on is in column "f" for the transaction. Per IRS instructions, this is the proper code for column "f" "if Where things seems to go wrong is in columns "g" amount of adjustment and "h" gain or loss.
Before I detail this, I need to provide one other piece of background and one other observation:. In interview mode, after I have indicated that it is a wash sale and after I enter the corrected basis, the software asks me how much of the loss is disallowed under wash sale rules.
When it asks me this question, it has the loss calculated correctly per my corrected basis!!!! I enter the disallowed amount - and when I return to the summary screen of "Sale of Stocks and Other Assets B - boom! The software now isn't using the corrected basis. Getting back to colums "g" and "h" The adjustment amount in column "g" when I open Form in the software is only the adjustment amount associated with the wash sale disallowance. There is no adjustment made according to my correction of the basis.
Interestingly, when I open the Capital Gains and Losses Worksheet, it correctly notes that I have entered a corrected basis.
Column "g" does not make the adjustment to basis for my correction and column "h" thus shows an incorrect gain. I tried to adjust the column "g" adjustment manually, but the software wouldn't let me do this without foregoing e-filing.
So - I'm stuck! I sincerely appreciate it. I am inserting that message below - it may be a more complete description that you can use.
This stock sale has two features: The reason that the reported basis is incorrect, and requires adjustment, is because the sale is part of an NQO exercise and the broker no longer stock option sale 1099-b this year includes the Wreported income spread aig shares buy as part of the basis. When asked by the software, I am i entering all of the transaction information from the B — even the incorrect basis; ii indicating the sale to be a wash sale; iii indicating that the broker has provided the basis information and the short term nature of the transaction to the IRS; iv entering a corrected basis which should swing the transaction from a gain to a loss a loss in the amount of the exercise commission ; and v entering the disallowed portion under wash sale rules of the loss.
Yes, interestingly, at this point in the interview, the software seems to recognize the corrected basis, and correctly calculates a loss! However, the adjustment amount in column "g" when I open Form in the software is only the adjustment amount associated with the wash sale disallowance.
I reached out to a couple of associates for feedback to your post. You have both an adjustment to basis and another adjustment for this item.
See the Schedule D instructions and override amounts on Schedule D and Form if forex aud to philippine peso. To provide some feedback, I'll share the following thoughts:. I honestly don't how to get starcoins on stardoll cheat how this is an issue.
Just as the software interview process does, one first adjusts the basis for a given transaction what is the true investment in the asset? Then, if there is a loss and if there is another transaction that would trigger wash sale rules, then a disallowed amount of the loss can be calculated.
The resulting gain or allowable loss follows directly. As WillMc1 asked - iri stock market research reports there a way still to e-file, if I pursue this override fix? As to the Tax Institute associate's confirmation that should use the corrected basis input by the taxpayer: I understand that "should" use the corrected basis.
Specifically, the entries in the forms seem to be correct in columns "g" and "h", for example, and so onand I believe that the calculated tax owed becomes correct.
However, strangely, the "Sale of Stocks and Other Assets B " summary screen in the interview still indicates a gain associated with the transaction, a gain as calculated using the incorrect basis. That's right - the forms show the correct loss, based upon the corrected basis, and the interview screen shows a gain, based upon the incorrect basis from B box 1e! In conclusion, I really am thankful for your help on this - I want to find a way to use make money from sexting uk software as intended.
I have run into the same issue. Never expected to find someone else had recently posted the problem. Bottom line, I also have a B form that includes code W for box 11 wash sale adjustment and a cost basis that needs adjustment.
In my case the adustment required is due to this being work home jobs srinagar ESPP sale where a portion of the gains need to be reported as income rather than capital gains.
Had I not noticed this I could have ended up paying taxes twise on the original income - once when it is reported as income and once as capital gains. As mentioned earlier there is no way to edit Formbut I found you can edit the Capital Gains Worksheet! Checked Form and the adjustment was applied. Checked schedule D and it looked like the adjustments took still have to go through and fully verify.
So while it would be nice if the software handled this properly, at least there is a manual work around. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Form using B Box 1e Basis instead of sub Reply Topic Options Subscribe to RSS Feed Mark Topic as New Mark Topic as Read Float this Topic for Current User Bookmark Subscribe Printer Friendly Page. Form using B Box 1e Basis instead of subsequently entered Correct Basis???
Form using B Box 1e Basis instead of sub - H&R Block Community
Options Mark as New Bookmark Subscribe Subscribe to RSS Feed Highlight Print Email to a Friend Report Inappropriate Content. Message 1 of 13 7, Views. Welcome to The Community.
I hope this is helpful. Good luck to you. WillMc1 Tax Professional Retired. Message 2 of 13 7, Views. Before I detail this, I need to provide one other piece of background and one other observation: The transaction in question is also a wash sale transaction. Message 3 of 13 7, Views.
Honestly, my previous answer was a "stab in the dark" on my part. I cannot think of anything further from an income tax standpoint that would create the basis discrepancies you are experiencing. So one thing I am going to do is share this message discussion on to the Community Manager, JerryG.
He can request a Tax Institute Associate to review this thread and provide an opinion. FYI, The Tax Institute is HR Block's chief resource for researching tax issues.
It may take a day or two for an answer to be provided, so please be a little patient. One more thought I have is because you mention manually input the column "g" not being allowed unless you forego efiling. That makes me wonder if this issue is caused by efile issues. What I mean is sometime the IRS require certain returns containing forms containing certain information that may disqualify the efile option. Admittedly this is a long-shot, but it would explain why this situation has come about.
You might consider contacting the client support team by instigating a live chat while you are in the program, or you can call HRBLOCK and select the option to connect with software support. We WILL find an answer though. Have a great day. Message 4 of 13 7, Views. Message 5 of 13 7, Views. I hope this helps.
Received both W-2 and B for stock option sale - TurboTax Support
JerryG Community Manager Did my reply help answer your question? Please mark it as an accepted solution by clicking on the green "Accept as Solution" button below. Message 6 of 13 7, Views. Thank you Jerry, as well as to the developer and The Tax Institute Associate.
The question I believe that still exists is, will entering the adjustments to basis manually require that the tax return be filed by mail or is there a way to make these adjustments and still efile this tax return? Message 7 of 13 7, Views. Thanks sincerely, JerryG and WillMc1, for your attention and effort paid to my enquiry.
I'd like to continue this dialogue a little further. To provide some feedback, I'll share the following thoughts: Message 8 of 13 7, Views. Message 9 of 13 7, Views. I'm sure that it will be helpful to other readers. And, I'll definitely check it out with a dummy return when I fire the computer back up on iPad right now. HRB expects this aspect of the software to be improved next year. Again, thanks for posting your creative solution, Cutlass Message 10 of 13 7, Views.