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Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

 
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7 Replies

Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

purchase date not important, enter any approximate date more than a year prior to the sale, or enter "various".

Basis important, do you know what you paid for these shares?

Fred
Returning Member

Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

My version does not accept "various".  Why can't TT get these small things right?

ThomasM125
Expert Alumni

Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

You need to enter a date so the program can determine if the sales are long term or short term. 

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Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

Once you select "I'll type it in myself", "various" is acceptable for 1b date of acquisition.

Use the sales category to select LT or ST.

Fred
Returning Member

Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

Thanks for your responding.  But the problem was the program appeared not toaccept "various" even though it provides the word once I started typing it.  The word disappears.

 

After awhile, I strumbled across the fact that "Various" is accepted.  But that involved going back several screens and then checking on it somewhere -- I don't remember, it was so strange with no instruction.  Actually the instruction should say "start typing...etc," telling us what happens and, one might expect the word to appear in the appropriate box on the screen where one is to start typing.

 

Initially, the download  of capital gains and losses from the financial institution left the purchase date blank.  The listing of gains and losses showed that three entries lacked info.  Following directions led me to the screen where the blank was to have "various'' typed in.  At some point after being mystified, I noted that a the actions I took (following the meager directions) led to the elimination of the word indicating info was lacking.

 

Sad to say, Turbo Tax developers and checkers of their work, every year, don't seem to find or understand something(s?) like this deficiency in directioning customers clearly or properly.  I have not used other tax programs, but friends and commentators do seem to prefer TT to the others for sensible reasons.  Hence, regretfully I continue to use it, but cannot heartily recommend it to others.

Fred
Returning Member

Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

I know the reason for the dates.  But TT tax does not provide complete instructions and what it does provide is incorrect.   And yet it could, for I found by messing around and both losing time and regard for TT developers and managers.  Also a table shown earlier, later indicates implicitly that the correction is made.

Moreover, the "various" refers to a stock sold at several times during the tax year.  And nowhere does TT indicate where one might enter "LT" or 'ST' or instruct the customer that attaching a list of the stocks and sales dates would work.

 

Sloppy job from a non-governmental. private, profit-making organization.  Just being somewhat better than the competition should not be a sufficient goal.

Stock sale with no purchase date. stocks were bought over 3 decades as part of a employee stock purchase. The firm says they cannot go back prior to 2011? What can I do?

You can sell at various times, and you can buy at various times.

Each time you sell - during the tax year - you must report it in detail (unless it is Category A or D with no adjustments, and in that case dates are not relevant).

As far as the IRS goes, "various" is good only for the Date Acquired field.

 

I don't have the 2019 program so I won't comment on the clarity and fitness of their screens, instructions and prompts etc.

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