On Saturday, I had clients arrive with 16 pages worth of stock transactions that will have to flow from Sch D input to Form 8949 ... they presented me with an email from their brother which says: "To my delight, the H & R Block software I am using knew of Folio, linked to their site with 2 numbers provided on my 1099 from Folio, and fully uploaded and populated all the fields needed - 1099-DIV, 1099-INT, and 1099B. In seconds, it was all there and all I did was review each page of entries for accuracy."
Wow ==> does anyone have experience with uploading $ info from Folio to our ProSeries software? I've always been inputting page after page, manually ...
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IRS Schedule D instructions on page D-10 to D-11 under Specific Instructions
It is a wonderful thing!
First of all ==> Seriously?! What tax cave have I been living in for the past 30 years that I was not aware of that MAJOR detail? So, you're saying that if Folio has short term transactions notated with "A" where cost basis is provided to the IRS, and likewise, long term transactions notated with "D," that I only have to enter the ST totals & LT totals, with their corresponding gains or losses?! Inconceivable 🙂 Can you tell me where it says that in Sch D or Form 8949 Instructions, or is it somewhere else, like in the Code? Wow.
You're welcome.
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