Stumpedagain
Level 3
12-07-2019
04:20 AM
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I have a client who brought their tax information including a Wells Fargo Investment Account with 74 pages of short term trading on the 1099B. Entering the detail into the Proseries software would take me weeks. Can I enter summary totals in the software and attach a pdf. of the 74 pages? God, I hope so....
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Just-Lisa-Now-
Level 15
12-07-2019
04:20 AM
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Yes! You can summarize and attach as a pdf.
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Just-Lisa-Now-
Level 15
12-07-2019
04:20 AM
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Yes! You can summarize and attach as a pdf.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Stumpedagain
Level 3
12-07-2019
04:20 AM
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Hope there is not a limit on the size of the file. :relieved:
PhoebeRoberts
Level 11
12-07-2019
04:20 AM
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If it's all short-term, it's probably covered, unless your client is investing in weird stuff.
Marc-TaxMan
Level 8
12-07-2019
04:20 AM
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And if you summarize to report the gain correctly, but do not attach the 1099-B as PDF (I do not, ever), no change if taxpayer is audited.
Stumpedagain
Level 3
12-07-2019
04:20 AM
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Thank you to everyone who commented! I appreciate it.
sjrcpa
Level 15
12-07-2019
04:21 AM
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There is no requirement to attach for covered transaction with no adjustments.
The more I know, the more I don't know.
itonewbie
Level 15
12-07-2019
04:21 AM
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If it's all short term frequent trading, more likely than not, there'd be wash sale adjustments.
Hopefully, the client doesn't trade puts/calls, etc. like Phoebe says.
Hopefully, the client doesn't trade puts/calls, etc. like Phoebe says.
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Stumpedagain
Level 3
12-07-2019
04:21 AM
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There is over $5K in wash sale adjustments, so I will just upload a PDF of the whole 1099B. Thankfully, no puts and calls. I have advised client this is a fast path to losing it all. They just sold their business for $500K to retire and put $400K with Wells Fargo to generate 75 pages of short term trading. They are in their 60s and this is the bulk of their wealth. I may be wrong, but not smart.....