topic Re: WHFIT, proceeds, TT need for information in Get your taxes done using TurboTax

WHFIT, proceeds, TT need for information

karl22 — Mon, 08 Mar 2021 19:58:46 GMT

My 2020 (corrected)1099-B list 55 individual proceeds from an WHFIT (GBTC). Each has a date, amount, and cost basis factor. I have read the recommended action to calculate the cost basis for each proceed (note 16). Calculating the basis for each proceed would be a lot of work. The total of all the proceeds is also listed. Also each proceed is offset by an investment expense of the exact same amount. To me that should result in no (zero) taxable gain.

Why is TT requiring additional information for each of the 55 items? Is there any work around?.

Re: WHFIT, proceeds, TT need for information

MarilynG1 — Mon, 08 Mar 2021 21:04:54 GMT

Click this link for instructions on How to Enter a Summary in Lieu of Individual Transactions.

The investment-related expenses – along with your other miscellaneous itemized deductions – must exceed two percent of your adjusted gross income (AGI) to be deductible. For example, if your AGI is $50,000, you can deduct only the amount that exceeds $1,000.

This link has instructions for How to Enter Investment Expenses.

Click this link for more info on Investment Expenses.

Re: WHFIT, proceeds, TT need for information

karl22 — Mon, 08 Mar 2021 21:27:30 GMT

Ok. It seems that I will need to respond to each of the 55 itemized proceeds in my WHFIT. I will use 0 (zero) as a cost basis in each since I don't care about the tax on less than $220 total (most of it long term) to avoid all the calculations.