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Retirement tax questions
[FOLLOWUP]
I found a very interesting "2020 Known Issues" item on the IRS website.
IRS says:
Schedule D Column (d) all lines should accept a negative dollar amount.
BUT there is an issue, namely, e-File does not allow it.
IRS says:
"The tax software should e-File a positive amount but do the arithmetic with the true negative amount.
Problem will be corrected 2021."
That's exactly what I see on my 2021 tax transcript after e-Filing, which at first sight, was confusing.
So either this is still not fixed, or my tax software still has the workaround.
Note: I did not file with TurboTax.
Evidently, TurboTax has not adopted this recommendation but wants you to get rid of the negative proceeds.
Oh well, on to tax year 2022.
May 6, 2022
10:27 AM