Hi, I'm starting another discussion on this topic. TurboTax is driving me nuts, I may not want to use Turbotax again. Smart Check keeps telling me Line 25. Column (c) can not be later than the date sold. I've checked my 1099-B and it's correct. Date acquired and Date sold is correct. I need some help!
Thanks,
Your reporting requirements as an individual are different form your broker's requirements,
According to IRS instructions, TurboTax is correct.
Date disposed cannot be earlier than Date Acquired.
Date disposed should be settlement date which is two business days later for stocks and one business day for options.
Date Acquired for closing a short sale is the day you closed the short.
IF the Sold date does appear to be later than the Acquired date....There could be some non-displayed trash in one of the date entries..... try editing and re-entering the dates again manually....being sure to enter all 4 digits for the year.
Reference:
IRS Instructions for Form 8949,
"Column (c)—Date Sold or Disposed Of
For a short sale, enter the date you delivered the property
to the broker or lender to close the short sale."
Thanks, @fanfare @SteamTrain ! the 1099-B shows Date acquired 9/21/2020 and Date sold is 9/21/2020. My company released my RSU 61 shares but had to sell 26 shares for tax on 9/21/2020. I entered what is stated on the 1099-B. The remaining shares was add to my brokerage account on 9/23/2020. I tried to enter it manually still getting the error.
Thanks, @fanfare @SteamTrain ! the 1099-B shows Date acquired 9/21/2020 and Date sold is 9/21/2020. My company released my RSU 61 shares but had to sell 26 shares for tax on 9/21/2020. I entered what is stated on the 1099-B. The remaining shares was add to my brokerage account on 9/23/2020. I tried to enter it manually still getting the error.
You should have said they were equal and TurboTax should allow that. would have saved me a lot of typing !
Just change the date acquired to 9/20/2020 or to "various".
@fanfare I apologize! Got the error when I changed date acquired to 9/20/2020 but it worked when I entered "various". Thank you so much for help!
There is a bug with this - after I completed the question workflow, the form it produced is filled up with multiple red font on Part V with 0 values and random date that is taken from other lots. I have to manually go to the form to clean up the data
Also when changing from RS to RSU (only one of them can be selected in the question), Turbotax leave the RS entry in the form along with the new entry for RSU. Then it complaint of date granted cannot be earlier than date vested which is entered with the same date value. It also then add a dummy lot 2 with the same date of date grant and leave a blank entry for date vested after the "smart check and fix" Every time it smart check a new row is created, so the form have 4 rows of red incomplete entries with the same date.
I resort to directly filling the form.