topic Has anyone got their investment sales updated for 2020 yet in Deductions & credits

Has anyone got their investment sales updated for 2020 yet

martdiana2002 — Tue, 29 Dec 2020 15:08:52 GMT

Re: Has anyone got their investment sales updated for 2020 yet

ScruffyCurmudgeon — Tue, 29 Dec 2020 15:26:06 GMT

Unclear what you mean by "investment sales updated" - are you asking about having manually loading investment activity data into TurboTax 2020? Or are you asking about ability to upload from an investment firm?

You have not clearly stated what your activity is.

If you are asking about a financial service firm, such as a brokerage, that provides you your annual statement of taxable investment activity, that Form 1099-B/DIV/INT is not required to be available until after the end of January. The Form 1099-B in February.

If you are asking about a year-end or December, 2020,. ending statement from a brokerage, as most firms send out monthly reports some 5 days or so after month-end, that will not be available until early January.

Re: Has anyone got their investment sales updated for 2020 yet

martdiana2002 — Fri, 01 Jan 2021 18:44:56 GMT

I can not load any data in that section since it indicates the Gov't has not released. It tells me it will be ready soon and to check back and TURBO TAX WILL HELP ME FINISH UP. This stops me from doing projections b4 the year end since there is only 1.5 days left to make changes. I ordered it (TT) in mid November do I have a fault in my Disc?

Also does the same on Sales tax

Re: Has anyone got their investment sales updated for 2020 yet

Mike9241 — Fri, 01 Jan 2021 19:04:08 GMT

TT does not provide updates for areas that are still pending with the IRS. it says certain forms won't be ready until mid February. even after the forms are approved by the IRS it takes time for TT to update the programming.

there may be a way to do the projection - use form 1099-DIV enter your LTCG as a capital gain dividend and net short term capital gains as ordinary dividends (not qualified)

Re: Has anyone got their investment sales updated for 2020 yet

NCperson — Fri, 01 Jan 2021 20:07:33 GMT

@martdiana2002 - if you are using the desktop version, just go into Forms View - it works fine...

understand that even though there are folks that use Turbo tax to estimate their tax position and make decisions based on that, that is not the purpose of the software - note there is nothing in the marketing material that suggests the software is to be used for estimates/ forecasting, etc.

Turbo tax is beholden to the IRS's documents and IRS's review of their software before it is released to us. The IRS only cares that the software correctly calculates what is due on april 15, not what tax strategies we employ in December.

ps since you posted this today, isn't the year over? why are there 1.5 days left to make changes?????