Hello,
I have imported mutual fund transactions from Vanguard. I executed trades using Specific ID (specific lots), but a large portion of the lots were for non covered shares in two different funds. Vanguard included values in the import for those non covered shares using average cost. I want to use Specific ID, because I have the data for the lots in Quicken, even for the non covered lots.
Does anyone have recommendations for how best to enter the lots for the transactions? Can I leave the summary information for the covered shares alone as they appear on the 1099-B worksheet and on the Capital Assets Sales worksheet, because they were provided by Vanguard, and edit the summary information for the non covered lots to match the records I have for the shares I sold via specific ID?
The import of the consolidated 1099 doesn't seem to require any other information from me, such as a printed copy of the Vanguard brokerage statement. Does that seem right? Again: Can I use my own information from the lots in Quicken to determine the summary cost basis and change the cost basis for the non covered shares and be done with it for 2024?
As an FYI, I imported the Quicken data into TurboTax, and it put every single transaction into the Form 1099-B worksheet. It also coded them all as being covered shares. That just seems wrong, because not all of the lots were covered. I don't think Quicken understands the difference. I plan to remove that imported data and rely on the summary information from Vanguard, as long as I can edit the basis.
Thanks very much for any direction here.
Yours,
Kevin
