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Level 3
May 4, 2021
Question

Problems with field constraints on Schedule D/8949

  • May 4, 2021
  • 3 replies
  • 12 views

I originally posted a related question regarding the fields being too small on the 1099-B Worksheet.  Because I have to report over $2B in sales, and the fields on the worksheet only allow 9 digits, I broke up the total and made 3 separate line entries.  The problem is even though the 9 digit entries are allowed, the totals (adding up to $2B +) cannot transfer properly to the appropriates lines on 8949 and Schedule D.  Those schedules only allowed 9 digits, so instead of $2B +, total was only showing at $999,999,999.  

I thought I could just override those total lines, but then the problem compounded to mess up AMT calculations.  At one point the tax bill doubled.  

As I see it, the only solution is to input whatever number in the 1099-B fields to force a net STCG total that matches the actual STCG; in this case, about $3M.  That way, the proper gain amount flows to other schedules.

I always attach a PDF of detailed support of every transaction adding up to the STCG.  The question is -- if the total sales and total basis don't match up between Schedule D and the detailed PDF, will that cause a problem.  Perhaps I could attach a statement explaining the field limitation issues, or would that further confuse the issue?

I have already discussed this with Intuit support, of course they have no fix for this.  

Any suggestions would be welcomed.  

 

 

 

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3 replies

sjrcpa
Level 15
May 4, 2021

"As I see it, the only solution is to input whatever number in the 1099-B fields to force a net STCG total that matches the actual STCG; in this case, about $3M.  That way, the proper gain amount flows to other schedules."

That's what I'd do.

"The question is -- if the total sales and total basis don't match up between Schedule D and the detailed PDF, will that cause a problem.  Perhaps I could attach a statement explaining the field limitation issues, or would that further confuse the issue?"

I'd probably do this, too, but explanations usually don't get read. You can probably expect a matching notice to which you'd reply with the same explanation and can point out it was attached to the return.

The more I know the more I don’t know.
ShawnCAAuthor
Level 3
May 4, 2021

Thanks for your reply.

I just don't know why they would limit any numeric fields.  I can't be the first with this problem of needing 10 digit entries.  I mentioned this to the Intuit agent, I'm sure they will fix it for next year, not!

sjrcpa
Level 15
May 4, 2021

Years ago I experienced some digit limits. Not in a while, though.

The more I know the more I don’t know.
qbteachmt
Level 15
May 5, 2021

You started this on the topic here:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/1099-b-fields-too-small-for-stock-transactions/00/157084

And you could have followed up there. I will put a reference there, that points here.

It helps not to split your issue into multiple topics; it's all part of the same issue you are having, and others might benefit from. It helps not to start from scratch by having different topics for the same issue.

Don't yell at us; we're volunteers
dascpa
Level 11
May 5, 2021

Too many times we are limited by what the software allows us to do.  Our life is spent finding a workaround.

Optional 1980's solution - (a) go to irs.gov and do a fill-in Sch D and 8949 with all the digits you want. (b) mail the return in instead of e-filing it.