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has been omitted completely from the 2020 ProSeries software, and that the Capital Gain(Loss) Transaction worksheet has been replaced by the 1099-B Worksheet.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.

[Greta]

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.

[Harmini]

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?  

[Greta]

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.

[HazelE]

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!

[DKT]

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).

[HazelE]

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. 

[DKT]

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!

[HazelE]

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

[HazelE]

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.

[DKT]

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