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Investors & landlords
Yes, a fix is needed. As things stand, TT CANNOT usefully download from TDAmeritrade, so the option to do so should be removed. If there is a routine fix, TT should be able to do it from the downloaded forms. OR, TT could create a routine that allows all transactions with negative cost and zero proceeds to be AUTOMATICALLY recast with positive proceeds with zero cost. Identifying those transactions is easy; the error tracker already does it. Just add a "Convert to IRS format" option in the error correction dialog.
The fix must not defeat e-filing. Last year I went through the entire e-filer rigmarole only to be told at the very end that my state won't accept an e-file with a corrected basis.
‎February 13, 2021
1:59 PM