2024 schedule d

3 replies
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For 2024 turbo tax combined my short term and long term proceeds all in the short term pat 1. To make the bottom

line match, a turbo tax specialist had me adjust $888,106. My gain would not change but it looks weird to have that large of an adjustment in column G of part 1. Turbo tax failed to fill in part 1 line 2. Filing an amended form would make it look correct as it is in error. The issue is I still owe the same tax and that would not change. Not sure what to do

Vanessa A

Alumni - Intuit

If your return was accepted and processed and the change would not affect your refund, income or tax due, you do not need to amend your return.

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Mike9241

Level 15

how did you enter the tranactions? short-term needs either type a - sales section proceeds and basis reported to IRS (covered) or type b sales section proceeds but not basis reported to IRS (noncovered). This is similar to entries for long-term type d or e if entered as summary totals

summary totals need to be code with an M and details need to be sent to the irs. you can use Form 8453 (soukd be prepared automatically if you use code M)

to submit the 1099-B reporting the details,

Mike9241

Robtri2Author

Level 2

Because of the volume of transactions, I had to delete the 1099 as transferred from E Trade and enter summary results. I attached a copy of the 1099 to the return. Turbo Tax the last two years has not been able to deal with a large amount of data from a 1099 so summary entries were used. Some how turbo tax combined LT and ST and line 2 into one number I part 1. The bottom line won’t change but fell my $889k adjustment as suggested by. Turbo Tax live rep would engender an audit. An amended Sch D would look better as turbo tax messed up the entries but Vanessa (Turbo tax pro) said don’t worry to ament since bottom line will not change