Turbo Tax 2020 Business is not prompting for attaching 1099 B (capital gains). Is a fix coming?

[tagteam]

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@afffcompanies wrote:

 Next year, I will review the other options in the market !

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That will be a short review because you only have a couple of other options with respect to consumer-level tax preparation software for business entities.

While you might find one that has this particular functionality, I can assure you that some of the other functions to which you have become accustomed with TurboTax will be lacking.

[RadarOReilly]

Super bummed to discover this problem.  I file two trust tax returns (1041s) every year, and being able to attach a copy of the 1099-Bs for each is a HUGE time saver, since of course you cannot import the data from the broker!  Expected (like others) to be prompted for the attachment during e-filing (like last year), but the request never came.  Transmitted both 2020 returns electronically without the 1099-Bs.  Will wait to see if the IRS salutes.

[fanfare]

the behavior of TurboTax  with this feature seems to be erratic.

some users see the prompt and others don't.

TurboTax has not documented this as a feature.

[Hoover324]

Turbo Tax 2021 Business is not prompting for attaching 1099 B (capital gains). Is a fix coming?

[tagteam]

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@Hoover324 wrote:

Turbo Tax 2021 Business is not prompting for attaching 1099 B (capital gains). Is a fix coming?

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No. Import options for TurboTax Business are limited to QuickBooks data.

[Jimbob2020]

I saw that also for 2021 Business for LLC package.  It allows you to enter summary information and effectively says don't worry about it...

[brumestik]

Thanks for the info @fanfare !

I confirmed this is how TT is behaving by temporarily adding a .01 cost basis adjustment wash sale, then continuing and TT prompted to attach the form. I skipped upload then went back and removed the adjustment and no more prompting to attach form.

Would be nice if they told you there is nothing to attach, since my first 1099 did require it and I didn't realize why until finding @fanfare 's reply.

[lshonnold]

I have been a TurboTax user since 1987 and a solid believer/support in their products. Now that I am responsible for filing taxes for a Trust, I find their products to be wholly inadequate. 

I am SO disappointed.

First, Home and Business cannot help you file taxes for a Trust, you MUST use TurboTax Business. Why is that a problem? TurboTax Business does NOT provide functionality to import investment information from ANY brokerage firm. Note that Home and Business does have that functionality. Second, I spent one hour each with two different people to determine the above information BEFORE my issue was escalated because I asked for it. Only then were they able to determine that that functionality was not available.

In 2021 (my 2022 file is corrupt), TurboTax Business had functionality to give Summary Data for Investments because you have to physically send the IRS the 1099B statements along the tax return since TurboTax Business does not provide functionality to e-file it that includes your 1099B. In 2021, Business used to ask if the sales were reported to you on a 1099B form and if you answered YES, it would open Form 8949, an Exception Smart Worksheet, that allowed you to enter Summary Sales Data. In 2024, that functionality no longer exists; it opens to individual transactions. In order to enter Summary Sales, you need go to FORMS and open 1099B, scroll down to the Exception Smart Worksheet, and enter the information. While I talked to TurboTax Support to understand why I could no longer enter Summary Data as in past years, they said that if they were going to show me how to enter my tax information, they would need to charge me for that! Very disappointed!

I read comments in the discussion sections and find that in 2020, TurboTax quit supporting functionality for