Marilyn,
Thanks for the advice on summarizing wash sales...if its possible to do, its certainly not the way the software directs you...it tells you if you have an amount in 1F or 1G you need to either send in documentation of your 1099B or itemize your transactions...full stop. My guess is if you summarize you still need to mail in your 1099B' s which is not what I purchased TT for...
At his point, this will be my last post on the board because I now fully understand the problem, and I have a strategy how to handle it this year. Next year, I think I'll be looking at different software. Its not a virus software or other issue with my system...the 1099 Div info comes in from Etrade AND Fidelity just fine, gets processed correctly, etc. its isolated to the 1099B data ONLY. I am glad you believe its not happening to a large CLASS of investor/tax payers. The version of TT software I purchased was specifically marketed to my class of investor/tax payer. if I just glossed over the issue this year without checking, I would have underpaid by several thousand dollars. It doesn't take a large CLASS of people for an issue like this it to be a BIG liability for them and TT. TT is now clearly aware of the issue (should have been aware of it last year)...the software doesn't even flag a warning when a 1099B comes in at $0 of proceeds...otherwise why would that person even have a 1099B to import? Ask the software guys how many returns get processed with a 1099B with $0 proceeds... that will clearly tell you how big an issue it is. It looks like it happened to me last year and again this year with 2 different investment banks...it is happening to other people on this thread - and I am certain to many, many people who don't even realize they are missing something significant in their return. I've been using Turbo tax for 20 years and have imported 1099B's for many of them with no issue. I am really surprised. If I am not flagged for an audit, I think I'll walk away quietly and make a different decision next year. But if I am, and its an issue for me, I will for sure be getting legal representation and will be happy to toss my hat in ring as lead plaintiff...Then maybe we'll really find out if its as small an issue as (you) TT says it supposedly is... Significant doubts on that one...
