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Turbo Tax might have missed some of my stock trades. Should I amend it?

*update - By using Amend option, I was able to go back and check my filing. I did everything right- everything was typed in. I don't know why my final tax filing doesn't show all the trades. I am so confused. 

 

 

Hi, After I filed my tax, I realized that on my 8949 form, some of my trades are missing.

I used Ally bank to trade, and the Turbotax only recorded my losses but not my gains.

 

It also didn't specify which stock I bought and sold, but only summary of my losses.(It says "Ally -see attached Statement")

 

Does this mean Turbotax didn't pick up all of my winning trades and not reported it to IRS??? (I imported my 1099 to Turbotax and I double checked it. I don't know what happened.)

My total gain is only $108. It's not much at all.

 

Should I amend return or is this how it is supposed be done(only reported my losses for a reason?) Thanks.

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1 Reply
ThomasM125
Expert Alumni

Turbo Tax might have missed some of my stock trades. Should I amend it?

Your Form 8949 should show the proceeds of investment sales in column (d) and the cost of them in column (e), with the net gain or loss in column (h). They can be entered in summary form, with one entry for long term sales and another for short-term sales if the Form 1099-B only reports covered security sales. I that case, all or several of your sales may be entered as one sale reporting the total of several investment sales along with the associated costs.

 

 

I suggest you determine what your total long-term and short-terms gains or losses reported on your Form 1099-B are and compare them with the totals on your Form 8949 and Schedule D in TurboTax and if there is something missing amend your return to make corrections.

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