Turbo Tax Business 2023 - Schedule D not correctly generated

[watsonbkw]

I added a 1099-B entry to Turbo Tax Business 2023 and indicated "this summary was reported on a 1099B or year-end statement" as well as "the cost basis was reported to the IRS".

However, when I generate a copy of the tax return in PDF format, the proceeds and cost basis are placed in the "Totals for all transactions reported on Form(s) 8949 with Box C checked" section of Schedule D, which is incorrect. A Form 8949 is also generated, even though it shouldn't be needed, with "Box (C) Short-term transactions not reported to you on Form 1099-B" incorrectly checked.  I believe both Schedule D and Form 8949 should be generated using "Box A checked"

I tried deleting my 1099-B summary entry and adding it again - no luck. I also tried creating a completely new/clean return from scratch but it still happens. I tried looking at the actual forms in Forms view and they look correct.  Am I doing something wrong here? Is there a way to override this and correct it? Can I trust the accuracy of the return?

I uploaded the return and the token number is 1188235.

[fanfare]

when you enter 1099-B manually, you are responsible for setting the correct box category.

So if it in Box C you have to edit it and change it to Box A.

Form 8949 will always be included for Box C whether you detail each transaction, or summarize totals on one line.

[Mike9241]

there are several ways to handle summary totals 

codes A or D with no wash sale can be entered  as separate totals on the 1099-B workshet in the section labeled Form 8949 reporting exception transactions (not sure which versions have - certainly all desktop versions)

these flow to lines 1a and 8a of schedule D. no setails have to be provided to the IRS.

other transactions; types B, C, E, F or any that are type A or D with adjustments; need to be separately reported on form 8949 unless you group them by type.

Then you must enter code M that indicates to the IRS you are reporting multiple transactions on a single line.

If you do this you are required to send the IRS details of each transaction s reported on the 1099-B.  this can be done by using form 8453 - see instructions - and mailing it with the supporting details

https://www.irs.gov/pub/irs-pdf/f8453.pdf 

[watsonbkw]

Thanks for the reply. I am setting the correct box category (e.g. Box A) in the Turbo Tax UI.  It's the PDF of the generated return that has it set incorrectly. 

[watsonbkw]

Thanks for the reply. I'm fairly familiar with how summary totals work. The problem is that Turbo Tax is generating a return that doesn't respect the settings which I'm putting in the Turbo Tax UI (i.e. if I check Box A in the UI the return, at least as I can see in the PDF preview, doesn't have Box A checked but rather Box C).  Seems like a Turbo Tax bug to me?

[PatriciaV]

It would be helpful to have a TurboTax ".tax2023" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, please follow these instructions: 

In TurboTax Desktop, open your return and go to Online in the TurboTax header. 

1. Choose Send Tax File to Agent.
2. You will see a message explaining what the diagnostic copy is.  Click Send on this screen and wait for the Token number to appear. 
3. Reply to this thread with your Token number and tag (@) the Expert requesting the token from you. Please include any States that are part of your return. 

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution. 

[watsonbkw]

@PatriciaV  I uploaded the return and the token number is 1188235.

[PatriciaV · Accepted solution]

We were able to confirm the experience you have described and are researching this further.

[richardnblount]

I am having the same problem with Schedule D not being generated correctly.  The response to the last user with this problem was that Intuit is researching.  What progress has been made on this?

[MayaD]

After researching further more and based on the IRS Instructions for form 8949, TurboTax Desktop Business is correctly adding Form 8949 with the appropriate boxes checked for your partnership return.

For more information please check 2023 Instructions for Form 8949,  page 4, Column 2, starting at paragraph 3 titled “Special provision for certain corporations, partnerships, securities dealers, and other qualified entities”

@watsonbkw @richardnblount