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obamacrap
New Member

Can somebody tell me how to enter a Form 8937 on Turbo Tax and where.

 
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ToddL
New Member

Can somebody tell me how to enter a Form 8937 on Turbo Tax and where.

You can't enter a Form 8937 on Turbo Tax and don't need to - that form is not reported on your tax return.  

Form 8937, Report of Organizational Actions Affecting Basis of Securities is only filed by the issuer of a specified security that takes an organizational action that affects the basis of that security. If you received a Form 8937, you will use the information to adjust the basis of the affected security in order to calculate any gain or loss on the sale of that security.

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3 Replies
ToddL
New Member

Can somebody tell me how to enter a Form 8937 on Turbo Tax and where.

You can't enter a Form 8937 on Turbo Tax and don't need to - that form is not reported on your tax return.  

Form 8937, Report of Organizational Actions Affecting Basis of Securities is only filed by the issuer of a specified security that takes an organizational action that affects the basis of that security. If you received a Form 8937, you will use the information to adjust the basis of the affected security in order to calculate any gain or loss on the sale of that security.

HAB3
New Member

Can somebody tell me how to enter a Form 8937 on Turbo Tax and where.

Some brokers don't report Dividends correctly. Form 8937 is  the information to adjust dividends and to adjust basis of stock holdings which you are required to track.  If you don't adjust dividends and just adjust basis you are being double tax at the at the time you sell the stock. Not sure yet how to report this in Turbo.  seems to be a problem.  A great example of this is  stock symbol OKE, Oneok, Inc..  Go to their web page and look up Form 8937 they filed.  They report that 95% of distributions are non-taxable return of capital.  which is shifted to reduce the stock's basis. However, the broker is reporting cash received as taxable dividends.  The broker really would not know in most cases. You will have to adjust cash reported as dividends which is a reconciliation which means you need attachments that Turbo does not support.  Will need to file a paper return. 

HAB3
New Member

Can somebody tell me how to enter a Form 8937 on Turbo Tax and where.

After looking at Turbo's schedules, Form 8937 adjustments to the 1099DIV should be summarized in a sperate work schedule to be attached to the tax return.  The adjustment needed to DIV's would be enter on Form 1099- Worksheet in Turbo Tax.  Down on bottom of that schedule one would check (H) Other adjustments which is where the amounted needed to be adjusted for return of capital is made. You will not be able to electronically file.  On your worksheet you need to reference the Broker name on your Schedule B and the amount of the adjustment which should tie to your work schedule.  Would be good to attached copy of detail original of your 1099DIV from your Broker. Also attach copy of all form 8937s with adjustment.  Make sure the original entry of 1099Div from the broker agrees  with their reporting, your input must tie to the 1099 received. By doing this your Schedule B will show the adjustment with a negative number which will  be supported by documentation you attach to you return. Hope this helps.

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