Massachusetts requires acquisition dates

[massbear]

I live in Massachusetts. I have an account through a national brokerage that includes bond funds. These bond funds deal in mortgage-backed securities. I have a 1099 with hundreds and hundreds of sales last year in this account with no acquisition date (there is no federal reporting req't to report acquisition date for these types of securities.)

My TurboTax State version is bringing these up one at a time and insisting on acquisition dates, which I do not have.

How can I ignore/bypass these in trying to do my review?  Help!

[AmyC]

You need to enter a date. Any date after 2003 works great. If it was held long term, pick any date that allows that  1 year calculation and enter it. Keep your 1099-B records so you can show best effort without information.

Reference: Personal Income Tax Description

[fanfare]

According to your 1099-B document, what is the Form 8949 Box category specified to be marked for these hundreds and hundreds of transactions?

@massbear 

[massbear]

I have transaction reported in multiple categories. Depending on the category, Boxes A, B, D and E need to be checked. 

[massbear]

It takes app. 15 seconds ea. to enter a date. This will take an houir or two (!) to add a date to each transaction. There's no way to do them allk or skip them all or override them all? Thanks!

[fanfare]

Use the summary option aka mail in option to enter sutotal by Box category.

TurboTa xill mark your Forms 8949 with Code "M".

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What is the Box Category you are reporting? see exception below.

If you are not excused by the detail reporting exception,
IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

This is so, even when the broker has sent details to the IRS already.

The exception does not include wash sales, since they have an adjustment.
-----
Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.
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Either way, if you choose to summarize some or all transactions, you have to a) include the details with your mailed tax return,
or b) mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return. (unless you have attached a PDF of the transactions details to your e-Filed return. TurboTax Online will ask for it).

[fanfare]

If you have successfully imported all transactions, you could print Form(s) 8949 in preparation for mailing, 

US Mail does not care that Date Acquired is not present.

OR

the consolidated 1099 B may be more compact.

@massbear 

[massbear]

That works as far as filing goes, but TurboTax won’t complete the check until 'errors' are corrected, and it "sees" each missing date as an error. Is there a way around that? Thanks!

[fcp3]

I filed last year using "various" for several summed sales and there was no problem.  In fact if you look ate what TT produces if you file by mail, there is no list of the sales at all , just the summaries

I do not even see a place to review the State return, unlike the Feds.

Of more concern, TT did not import Capital Losses from the federal form. 

there is a long threat about this happening in 2022 but no response if it was fixed. ( the only way I can see to reference this is to copy the title.

Link to Turbo Tax

I have started another thread about this this year

[DavidD66]

If you have a question or concern, I'm not sure what it is.  If you have a question or concern, please ask or state it clearly so someone can address it.  

[fcp3]

I was addressing the concern about Massachusetts not accepting "various" instead of specific buy and sale dates for capital gains.

I used "various " last year with any issue.

I cannot see what information is sent if you file electronically, but printing out "all official forms required for filing" as if I was filing by paper shows the only forms are Schedule B with summaries of Capital Gains taken from Federal schedule D. Individual sales or securities do not show up.

With the desk top version there is no method to attache the 1099B, even if it was required.

So it looks like using "various" if it is accepted by the Feds is OK here too.

Anybody have evidence otherwise?

[fcp3]

I meant to type "without any issue"

[massbear]

I solved my problem. I discovered that the issue arose because I imported the info from my financial institution. I deleted all the imported info and entered the aggregate purchase price and aggregate sold price totals for the 4 categories (short and long term, basis reported and basis not reported.) Problem solved. 

[fcp3]

I am using Desktop, which allows me to use "various", and review reports no errors. 

As I said above,  I used that last year without a problem and on the official form for filing, all I see is a summary with no request for specific sales.

Are you finding this request for individual dates in the Online version?

[massbear]

Using the downloaded version on a Mac laptop. Problem solved, however - I deleted the import of data from my financial instutution and just entered the aggregated purchase/sale numbers directly. Problem solved. No dates required.