Suggestion: When a Form 1099-B is entered/imported with greater than 99 detailed transactions (with all Codes A or D and no basis adjustments), it treats this as a summary (consolidating all detailed entries) and reports on Fed Sched D, Lines 1a and 8a, rather than Form 8949. This treatment is allowed and appropriate on the Federal tax return (see Fed Form 8949 Instructions). This seems to be a change from 2018 (the 99 limit).
When WI is calculating the 30% LTCG exclusion on WI Schedule D, the Part I and Part II amounts are being doubled up, because:
- the amounts on WI Schedule WD, Lines 1a/8a are being auto populated from Fed Form 8949 which does not include the 1099-B entries from those 1099B’s with greater than 99 entries (that have gone straight to Fed Sch D, Lines 1a and 8a), and
- The WI Schedule WD, Lines 1b/8b amounts are also being auto populated, but not from Fed Sch D, but rather from the WI Sch WD Wks, which includes all detailed transactions reported on the Federal return, whether or not they were reported on Fed Form 8949 (which occurs if 1099-B has less than 100 transactions) or directly on Fed Sch D (which occurs if Form 1099-B is greater than 99 transactions).
To fix, delete the 1099B with over 99 entries (all coded A and D with no basis adjustments) and manually re-enter as a summary transaction. Now these summary amounts are not included in the WI Sch WD worksheets, and therefore are not doubled up on WI Sch WD (if entered as detailed transactions, then the are included on WI Sch WD WKS regardless of presentation on Federal return – 8949 or Sch D).
