1099-bstock trades pdf attachment

Key tips and advice the working tax pro can use.
#1
ShawnE  
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I'm fast at data entry. and my experience with GruntWorx scan import and before that the proseries scan import hasn't been great. I end up spending as much time fixing the file for import than I would just typing in each one.

I've heard that some simply put the summary categories in. Like totals for short term/covered, long term/covered, long-term not covered. Then attach a pdf of the 1099-b

So I got one that made me whimper 246 trades (thank Baird for for adding that at the bottom of your form).

What do you all do? Am I an idiot for typing - think gruntworx is going to want somewhere around 50 bucks to create a file that I will then have to fix.

I'm in Drake - any process advice there?

is it May yet?
 

#2
sjrcpa  
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For covered transactions with no adjustments IRS only requires us to enter the totals. Noncovered transactions they want the details-whether by entering each one or attaching a pdf with the details.
 

#3
ShawnE  
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DUH THAT makes sense! So when you enter the totals.. You put Various / Various for the dates, the Short or Long.. Then in the description the bank/house like E-trade or in my case Baird? So no pdf if all covered?

Then enter the non covered with no pdf or
Enter summary with pdf
 

#4
sjrcpa  
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Correct
 

#5
Joan TB  
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If using Schedule D, dates don't go on the form. Just put totals in the correct place for ST vs LT.

If using 8949, no dates needed either. For description, I usually use the brokerage name. In your software, you will need to find the code that triggers ST vs LT and covered vs non-covered. Also, need to find the box in your software that triggers code M (that goes in column F) for "attached statement" if using an attachment.
 

#6
EZTAX  
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For non - covered, if only a few trasnactions we type them in. If more, we write "see attached Brokerage name" and send in copies of statement with from 8453.
 

#7
ShawnE  
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Thanks everyone! saved me loads of time.
 

#8
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I just put in the summary totals by broker and category, no matter what category. I don't attach a PDF of the detail of the trades and never have since the first Form 8949. I've never received a notice from the IRS regarding this.
 

#9
Gjkycpa  
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Ditto
 

#10
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I use UT and run the import feature.
I have a few clients with over 1000 trades a year.
I either obtain access to the account via username/password. (Some people are very trusting to give access to a multi million dollar portfolio).
Or I instruct the client on how to download the necessary information in excel format.
Every brokerage I have encountered will provide this information that can be directly imported into the software to generate loads of 8949 pages. Minimal changes need to be made to the raw data.
Produces a nice fat return.
 

#11
jon  
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I have used summary totals for years. 2012 and after is when they started the categories and I have not had problems. I had a couple of Schwab accounts of a lot of pages - never have I had a question from the IRS.
 

#12
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dukeman2 wrote:I just put in the summary totals by broker and category, no matter what category. I don't attach a PDF of the detail of the trades and never have since the first Form 8949. I've never received a notice from the IRS regarding this.

This.

I've been doing summaries before the 8949 and have never attached a PDF. Back with paper returns I'd attach photocopies of the brokerage statement w/ "see attached" on the sch D but got the feeling the attachment was never looked at.
Dave

Taxation is the price we pay for failing to build a civilized society. ~ Mark Skousen
 

#13
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ReckedCPAEA wrote:I use UT and run the import feature.

I either obtain access to the account via username/password. (Some people are very trusting to give access to a multi million dollar portfolio).


I think you're putting yourself at risk by this action. If something peculiar were to happen in that account, they may bring you into the conversation.
 


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