☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Apr 16, 2023 10:28:36 PM

PA State Schedule D: Spousal designation for continuation statement

My wife and I have two separate investment accounts.  Her account is actively managed, and her fund manager made ~100 trades last year.  My account is my own personal account, but I am also an active trader and made ~100s of trades last year. 

 

In PA state schedule D, every transaction requires an owner designation of either (T) if the owner was the taxpayer or (S) if the owner is the spouse.  This would be fine if TurboTax listed every single transaction, but instead it combines multiple transactions from both accounts into a single continuation statement listed on one line of PA Schedule D.  Since the continuation statement includes transactions from both accounts, I cannot accurately select whether the assets were owned by myself or my spouse.  Is there any way to force TurboTax to generate two separate continuation statements for each 1099B form listed in the federal return data?  Is there another way to solve this problem?

0 1 368
1 Replies
Expert Alumni
Apr 18, 2023 9:55:48 AM

Yes, there is another way but it may, honestly, entail a bit of annoyance to accomplish it.  While maybe not be the ideal solution, if you have a paper copy of your investment accounts you can enter the data manually as single transactions.  

 

First, you should delete the multiple transactions that pertain to your wife on the Federal side.  Make sure you are listed as the investor on the transactions you have entered for yourself.

 

For Capital transactions, not including crypto, the following steps should be of help:

 

The 1099-B should guide you on what the treatment will be for including the trades on your return.  Generally, your 1099-B should show the caption for the type of trade that it was - Short-term covered with basis reported to the IRS, Short-term not covered, Long-term covered, Long-term not covered.  Each section of the 1099-B needs to be entered separately.  You are allowed to combine transactions as one provided they are from the SAME grouping.  You enter the transactions in the Investment section of TurboTax as follows:

  1. On the left side of your TurboTax screen, click on Wages & Income
  2. Scroll down to "Investments & Savings" and click show more or edit/add
  3. Click on "Add Investments"
  4. Best thing to do here in my opinion is to click on "Enter a different way"
  5. Click on the box for Stocks, Bonds, Mutual Funds and then continue
  6. Enter your brokerage firm at the top and the account number and Payer's EIN if you so choose (not required)
  7. Answer the questions on the next page, which are normally, but not always, no, no (in this case even if it is more), no, and yes.
  8. You can answer one by one and enter each group separately; if you answer yes you will need to upload a pdf of your statement.  I do not recommend uploading a pdf in this case.
  9. If your grouping has multiple sales, when you are asked the date acquired, click on something other than a date and choose various
  10. Follow the remaining instructions and choices.  Whichever way you answer you will receive additional instructions

It may be a tedious way to go about it but it should assist in lowering the transaction numbers and assist you in identifying whose transactions you are actually accounting for.

 

@User4983951