topic Stock Transaction Limit exceeded in Get your taxes done using TurboTax

Stock Transaction Limit exceeded

TaxerHoly2020 — Mon, 01 Feb 2021 07:08:15 GMT

I am using the downloaded version of turbotax premier and have been a user for more than 10 years. My transaction unfortunately exceeded 3000 which is the current limit. I got a message that I would have to send the required documentation to IRS by physical mail.

When the number of stock transactions exceeds the designed capacity will you give the option to attach the required supporting documents as provided by form8949.com.

It would be a nice additional feature for me to avoid switching to another product that supports this feature.

Thanks

Re: Stock Transaction Limit exceeded

Mike9241 — Tue, 02 Feb 2021 02:56:44 GMT

of your 3,000 trades how many are classified as type A or D where there are no adjustments like for wash sales, market discount etc. A is short-term D- is long-term.

detail does not have to be provided for these. they get entered as a total on schedule D line 1A or 8A (actual input is through 8949 worksheet)

Re: Stock Transaction Limit exceeded

TaxerHoly2020 — Tue, 02 Feb 2021 08:25:13 GMT

There are about 986 transactions all short term. The remaining have adjustments.

Import the aggregate of qualifying transactions (986) on Schedule D.
Import all nonqualifying transactions (2335) for reporting on Form 8949.

To get it this way, I had to use the service of form8949.com.

Thanks,

Chandra

Re: Stock Transaction Limit exceeded

TaxerHoly2020 — Wed, 03 Feb 2021 17:11:48 GMT

In cases where the transactions exceed the limit I would expect turbo tax to add a feature to attach additional documentation as PDF files for electronic filing instead of having to print hard copies of the additional document and mailing them.

Thanks,

Chandra