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TomYoung
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- Got Cheered for With the sale of ESPP stock you have 2 ways of entering t.... yesterday
- Got Cheered for The main functional difference between online Premier and.... Monday
- Got Cheered for Yes. Although payers don't have to provide a 1099-INT fo.... Sunday
- Got Cheered for A well-written rebuttal to a position or opinion one has.... Sunday
- Got Cheered for The reason that you are getting double taxed when you ent.... Sunday
- Got Cheered for "My form had it as $0.00 is this correct?" No, it's not c.... Saturday
- Got Cheered for Merrill Lynch's statement might be confusing to you becau.... Thursday
- Posted Re: It sounds to me like you are not entering the cost basis... on Get your taxes done using TurboTax. a week ago
- Got Cheered for Is there a BUG i nthe AMT interview? (Desktop verions). a week ago
- Got Cheered for Assuming that you are having enough withholding taken fro.... 2 weeks ago
- Got Cheered for Re: When I enter Adjusted cost basis from ETrade, should I also check 1099-B reports incorrect cost basis?. 2 weeks ago
- Got Cheered for Re: In the main Box 14 of the W-2 is a "memo" box where your.... 2 weeks ago
- Posted Re: In the main Box 14 of the W-2 is a "memo" box where your... on Get your taxes done using TurboTax. 2 weeks ago
- Got Cheered for "Does TurboTax handle cross account wash sale cost adjust.... 2 weeks ago
- Got Cheered for I can only guess that you are using the RSU step be step.... 2 weeks ago
- Got Cheered for Here's the TurboTax FAQ that answers the "how many" quest.... 2 weeks ago
- Got Cheered for Since RSUs generally require no "out of pocket" costs fro.... 2 weeks ago
- Got Cheered for You need to us the "Contracts and Straddles" interview, n.... 3 weeks ago
- Got Cheered for There's no real "income tax reporting" requirement to use.... 3 weeks ago
- Got Cheered for Re: How to enter the wash sale disallowed loss in Turbo Tax if I have no more stock on hand. 3 weeks ago
5 hours ago
Renee, Sale: your response really helped. I couldn't figure out if TurboTax was magically calculating my AMT adjustment or if I had to enter it. Jumping to "amt" worked. I was able to enter my AMT adjustment (grant price * # of shares sold) in the screen titled, " Did you sell ISOs in 2020 that you purchased in a previous year?" Exercise and Hold: In 2020, I exercised and held shares. I entered this in the Income section under "Iso Exercise and Hold". Under "AMT", you are asked to enter the same adjustment (bargain element) for calculating AMT owed. I assumed I should leave this blank instead of double entering it. Did I do this correctly? 1. Enter ISOs exercised under "Iso Exercise and Hold" 2. Enter $0 under the AMT section asking for ISO adjustment Thank you for your help Dan
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yesterday
@AC47 Please take a look at this thread for the appropriate steps: Reporting capital gains without 1099-B.
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Sunday
You should be able to to as it is a car registration fee. What is preventing you from deducting it?
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Sunday
So I was finally able to get it to work as well. What I found is that it still does not work if you select "I have all my info (like adjusted cost basis) and can enter it on my own" as you enter your ESPP details. Following that path gives me the same problem as before where the ordinary income never makes it onto Schedule D. However when I tried selecting "Walk me through adding more info" and followed that path it worked correctly. So if you're still running into the issue try selecting that option as you walk through your ESPP sales and see if it works for you too.
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Saturday
TY Tim. Your response helped a lot. TurboTax support on this feature SCUKS BIG TIME Had two representatives call me and none of them had any clue what I am asking and like you said they keep changing the features each year. Turbotax needs to publish better instructions.
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Friday
Am wondering if others have encountered a problem with the amortizable bond premium on treasury obligations (1099-INT, box 12). In TurboTax Deluxe 2020. System used: MAC Big Sur. For 2019 there was no problem: T.T. simply recognized the Box 12 value and generated the bond premium deduction on Schedule B. (Selecting “need to adjust the taxable amount” was optional.) For 2020, my experience: In the FORMS list, the relevant INT record is flagged, and the Box 12 value is highlighted and ignored—no deduction is produced. It did no good to try to “coax” T.T., in the INT input window for the relevant TIPS item, by clicking on “need to adjust the taxable amount” and entering the amount. The T.T. “Federal Review” step also disregards what T.T. views as an “anomaly.” But if the amount is moved to Box 11, the deduction on Schedule B is produced. That happened whether of not “need to adjust the taxable amount” also was selected, in which case one can choose “ I amortized a premium I paid on a treasury obligation.” But I wish Box 12 was recognized!
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Thursday
I do not have anything negative to report! That is my point! For some reason Turbo Tax is saying I do. There is not one negative number on my 1099s or inputted into my return. I have cleared and re-entered the information manually twice now and re-imported 3 times. I have completely cleared and deleted my return starting over using various methods 3 times now. Every time it says I have negative cost basis. There is no negative anything.
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a week ago
Okay but what about on the brokerage account statement where it breaks down tax detail for the sale of RSUs. It states Tax due and tax paid. How do you report if the tax paid line is higher than the tax due? It is not recorded on the 1099-B, nor anywhere other than these sales statements.
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a week ago
Just an update here to say that apparently Schwab DOESN'T know how to calculate wash sale losses correctly. I had a wash sale loss this year (2020) and Schwab calculated the incorrect deferred loss. The deferred loss on the 1099-B was exactly twice the correct amount. I've spoken to Schwab and they have acknowledged there was an error in their calculation. I would guess that this wasn't a simple "one-off" error and I just happened to be the only unlucky individual in their universe of clients. You might want to make your own calculations. Tom Young
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a week ago
1 Cheer
turbotax 2020 Premier is calculating adjusted cost basis of "0". turbotax is broken for ESPP.
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