ProSeries Tax Idea Exchange

Click the 1099B worksheet button on Sch D and you should see the simple entry boxes right at the top. 

The box to check for attaching a statement is right near the top of Sch D.

Yes, but the simple entry boxes don't allow for any adjustments, such as wash sale. My understanding is that if there are any adjustments, the transactions do have to be entered on the 8949. The simple entry boxes do not flow to 8949.

The box you are referring to for attaching a statement is only for paper attachments to be filed with form 8453. I just want to attach a PDF to the return.

The old method was far better.

I too am worried about tackling the new Sch D worksheet. I'm hoping once I'm used to this new one I'll change my mind, but right now I'm thinking this will suck up a lot of time. Many of my clients have voluminous 1099-div accounts, some bring me 7 such accounts. Each is coded as short versus long term, reported to IRS versus not, with wash sales or not. I suppose I will simply use numerous 1099-worksheets, up to 14 worksheets?

1) Can I print the 1099-B worksheets on one page so I can check for errors?

2) Do I need to include payer's ID, account number, name of brokerage on each?

Part of the problem is that the entry on the 1099-B worksheets force you to enter a date rather than simply allow you to specify short or long term. This is fine when you're just trying to enter transactions manually, but doesn't work well for summarization. I suppose you could summarize by entering a 12/31 sale date and leave the purchase date "various", but I would rather not have to enter a date that isn't technically correct. I'm really hoping they revert to something that is similar to the old system.

I'm not sure about your first question Greta, but it does not appear that the payer ID, account number, or name of brokerage are required fields on the 1099-B worksheet. I would think that as long as you specify the brokerage in the "property description" field, you'd be ok not to include that info.

Please bring back the Sale of Capital Assets  that opened up when I clicked on Schedule D.

This new 1099-B input sheet does not show the gain or loss, I have to put a letter A,B,C, D,E,F when before it was much easier to just click reported or not reported.  This form is not an enhancement, it is a dis-inhancement.

I just finished a 30 minute call with a representative about this same issue.  I see the new boxes for exceptions to reporting for short-term and long-term transactions with basis reported and no changes (Boxes A and C of form 8949) but these do not include boxes B and D of form 8949 which are items reported with cost basis not reported.  It appears that selecting code M in the detail below the initial input will allow for the old "Institution name - see statement" to be generated on form 8949 and no dates sold or purchased are required.  However, the form still requires a description in the first box.  This doesn't make sense because the form instructions show the description is being pulled from the top of the form Financial Institution name.  Can the programmers please change this so that no description is required in this box when code M is selected or change the instructions to place the name of the financial institution here or something that makes sense.  As I see it I can put anything in the description box and the error goes away but the information is not transmitted.  Has anyone else had this issue?  If you click the line item, you can do a manual adjustment on the detail form and also click the box that this is a code M transaction so perhaps that allows for wash sales and other adjustments.  

Interesting. I'll have to take a look at that. Thanks for sharing!

Thoes sheets runs in hundreds. Some of my clients has 200 transactions and more. Does it mean that it will generate 200 1099 B worksheets? I liked what we have earlier.

I don't like the new entry system for stock sales at all.

This is another example regarding the 2020 Proseries program of a "change" for something that wasn't "broke" to start with.  They really should just leave the workings of the Proseries software the same year to year and just update the forms and tax laws.

The previous 2019 system of entry on Sch D worksheet was much faster, easier and handled more sales.  Taking off the gain/loss calculation is a HUGE mistake.  That's the easiest way to see immediately that the data entered is correct.  Printing out multiple pages to check data entry is extremely time consuming, labor intensive and wasteful.

How do I enter the sale of vacant land, inherited houses, timber, and others requires moving to another worksheet.   Creating multiple worksheets makes finding the appropriate one for editing a data error more difficult with no gain for the tax preparer,.  Supporting documents created on 1099-B worksheet such as basis calculation or sale expenses don't print with the Sch D when printing the tax return.

This is a giant step backward.  Please consider reverting to the method that worked for many years, before you "fixed" it.

I've done a few returns now, who have only one or two broker packets. I am kinda getting to like it, especially for the "reported to IRS/covered" sales. The brokerages are providing a summary that's now very easy to enter into 1099-B link. In prior years I used to send the details by mail with Form 8453 which was a pain. So this is a huge improvement! Entering the trades that are not reported / uncovered / to the IRS is less fun. Over time, these latter should diminish in number. I still don't know if the 1099-B's will be easy if a client has several accounts with several brokerages. But I have only a few clients who like to diversity that way.

Please go back to 2019 Sch D data entry.  The 8949 box letter (A, B, C, D,...) is the only good thing about the new 2020 form 1099-B method of entry when entering a few transactions.  There is no way I can find to enter summary information and simply attach a pdf file if there were any Wash Sales.  The code "M" used with a wash sale displays an error message to either remove the wash sale amount or remove the "M" code.  How is one supposed to handle 30 pages of stock tranactions with multiple sales dates?  

I do like the ease of reporting summary figures of covered sales. The wash sale reporting sucks a little. But brokerage houses mostly present this info exactly as we need for the new format. Merrill Lynch does a lousy job.

I have mostly gotten used to the new method of input on the worksheet. But my frustration is with entering the summary info for numerous entries because it won't allow you to leave the sale date blank. And I agree that I don't want to put in an incorrect date like 12/31/2020 and it won't let me use VARIOUS. 

Is Intuit even looking at these "suggestions" because this problem has been commented on since January! I even called to speak to someone and they told me they are getting lots of complaints about this problem. And from what I see, this is the ONLY way we can let them know that there's a problem with the program that they need to fix. We used to be able to send a suggestion directly to the programmers, but not now!

The workaround for what you're referring to is to use a code M in the adjustment box. Date fields are no longer required at that point. I use that code and enter a max of 4 lines for each investment statement (short covered, short noncovered, long covered, long noncovered).

The code M you're referring works beautifully BUT only if there are no Disallowed Wash Sales. Unfortunately when our clients have numerous sales, there are usually wash sales. 

I typically just enter the wash sales anyway along with the code M... gain/loss will balance that way and then I just attach the 1099-B to the return. That's been the easiest method for me. Good luck!

But when I do this, the code M creates an error - showing pink!

I do appreciate your efforts to offer a work around. The program says there should not be an entry in the Adjustment Code box when there are disallowed wash sales.

No problem at all. For whatever reason it doesn't throw an error for me.