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3/15/21 - I spent over an hour on the phone Friday with at Turbo Tax Specialist. They are aware of this problem about capital gains proceeds limited to 9 digits. They offered no solution. Splitting the amount into 2 smaller amounts does not work because if it is the same source. A duplicate broker tax ID number makes the software think it is a duplicate entry.
They agreed it was a problem for almost 2 years now and offered a refund.
If enough folks ask for a refund, maybe they will solve a simple problem..
Has any one solver this?
Did you try TaxAct? Did it work for you? TurboTax isn't helping us out here with this problem.
Thanks.
I had a "chat" with a TaxAct support person who answered TaxAct also does not allow 10 digit entries. She connected me with a TaxAct support page. The page was specifically created to say "No, we won't accept a 10,000,000.00 entry. So stop asking." (The quote is not literal. TaxAct uses many more words to say the same thing) TaxAct tops out at nine digits including 2 useless digits to the right of the decimal point. As you all know, they're useless because the IRS likes entries rounded to the nearest dollar and, as far as I know, all tax prep software adheres to this. And what's most nuts about this digit input limitation is that none of the final 1040 form entries generated by the tax prep programs include the .00. The only place the .00 matters is to limit the biggest entry to 9,999,99.00. That's just ....weird.
I had hopes for TaxAct, but their support page made it pretty clear. "We're just as inane on this subject as TurboTax, HRBlock, etc. We count .00 for maximum digit entry but nowhere else." (Once again, not a real quote, just less words than they use to say the same thing)
Lastly (finally), I had also left an email inquiry. The person who wrote me said "We support 9 digit entries so $10,000,000 won't be a problem." I respectfully responded with "so the biggest number I can enter is $999,999,999? Why not a billion? What's the problem? I'll live with it if I have to.".
I'm waiting patiently to hear from her why they can't do a billion.
Sorry about all the above. Short answer, TaxAct won't do better than Turbo on max entry. But they will charge you more for the same service.
@Should I be doing this wrote:
Lastly (finally), I had also left an email inquiry. The person who wrote me said "We support 9 digit entries so $10,000,000 won't be a problem." I respectfully responded with "so the biggest number I can enter is $999,999,999? Why not a billion? What's the problem? I'll live with it if I have to.".
I'm waiting patiently to hear from her why they can't do a billion.
It is not a TurboTax limit. It is the e-file form specifications (schemas) issued by the IRS that specifies how many characters a field can have. The IRS e-file also requires rounding cents to the nearest dollar.
Self-prepared software has limitations that professional software does not. The IRS interface for professional software is different.
Hi, ever find a solution to this problem?
TaxAct Premier worked just fine for me. I used the summary option and attached my 1099 pdf.
I used the downloaded PC version. No need to play any games like splitting amounts.
Thanks, do you remember how many digits the summary number was? TT summary field only allows 7 digits plus .00
For example, here is one of my numbers that i can not enter Short A (basis reported to the IRS) 18,471,356.26
My short term column d & e numbers were in the same range as yours (xx,xxx,xxx). They are rounded, so no cents.
Thanks, I'll take a look.
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