Please bring back the Capital Gain (Loss) Transaction Worksheet for summarization of stock transactions

[DKT]

In prior years, summarization of stock transactions was simple. You would quickzoom from Schedule D to Capital Gain(Loss) Transaction Worksheet, select "statement with details attached" and enter information to quickly summarize the client's stock transactions. You could quickly do a worksheet for covered and then non-covered transactions, attach a PDF statement with stock transaction details, and you were done.

It appears that any stock summarization method has been omitted completely from the 2020 ProSeries software, and that the Capital Gain(Loss) Transaction worksheet has been replaced by the 1099-B Worksheet. This, in my opinion, is a serious issue that needs to be resolved. The simple summarization system from the Capital Gain(Loss) worksheet in prior years' software saved many hours of time over the course of an entire tax season. This change to 2020 software will cost my firm and our employees a lot of time and money. Please bring this system back. 

Thank you.

[Just-Lisa-Now-]

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.

[DKT]

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.

[Greta]

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?

[DKT]

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.

[pzdroik]

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.

[Mschandel]

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.  

[DKT]

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

[wmtsang]

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.

[josephfolsomcpa]

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.

[mappp]

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.