EFiling with large number of capital gain transactions

[Linda Mathey]

I have several clients with over 500 capital gains transactions from managed brokerage accounts. Since I prepare enough returns to be required to EFile them I am trying to figure out how to attach a PDF to prevent me from having to input each transaction. When I enter transactions as a group (short-term losses, short-germ-gains, etc) on the input forms I have to use "various" since all were acquired and sold on differing dates. ATX will not create an EFile with "various" in the date field. As a result I cannot even get to EFile manager to attach the PDF of all the transactions.

I then requested an excel spreadsheet from the brokerage firms which some of them provided. However the number of shares is in one column, description in another, etc. When I try to import the Sch D transactions after converting from excel to CSV files I get errors since I cannot merge the excel columns to put both # of shares and description into one column.

In addition when "mapping" the columns into Schedule D, there is nothing provided for adjustment amounts so these also have to be added manually.

In addition, Morgan Stanley files have additional information in the columns which we cannot use and ATX will not allow me to import. USB sent an excel spreadsheet but it also contains the # shares in one column and the description in another. The only thing I can think of is to manually add the # of shares on each line.

Merrill Lynch broker says they cannot provide excel files but they sent me the PDF which I refer to in the first paragraph.

Has anyone had any luck EFiling a taxpayer with a large number of transactions using excel (converted to CSV) or attaching a PDF without having to input or modify every transaction. If so, could you please share how you did it?

[Lynn EA USTCP in Louisiana]

While I have not tried to either import or efile with a pdf attachment, I have efiled with the grouping

STCG, STCL, LTCG, LTCL, by brokerage name, with various in the purchase date field and a 'real' date, usually the latest sale date, in the sale date field.

YMMV,

Lynn

[cred65]

Open Form 8453 and attach copies of broker transactions and MAIL to Austin, TX.

[Lion EA]

I have mapped just the description field (leaving out the # of shares) and other times I have merged those two fields while still in the spreadsheet before importing. ProSystem fx lets me map what I want, and it ignores what I don't map. You could always delete columns you don't need if ATX must use all the columns in your spreadsheet (save the original spreadsheet first). But, this year, with the additional codes needed to adjust wash sales and for other purposes, I may be mailing a lot more broker statements with Form 8453 rather than figure out now when the big statements are arriving how to work with them on the new Forms 8949.

I really have to learn how to use Scan & Flow which is supposed to take .pdf files and import, but no time now (maybe use it on returns on extension).

My price keeps increasing for Schedule D and Forms 8949.

[Linda Mathey]

Thanks for the suggestions. I was nervous about grouping as suggested by lynnjacobs and using the latest date. I always felt better sending in the broker statements but was trying to avoid doing that this year..

I have mapped into ATX using spreadsheets from all brokers but Morgan Stanley. The reason as stated above is that they have inserted extra data into each column so it involves a lot of cleanup. For instance in the column that shows the date it also says "short" or "long". Does not sound like much but removing it from over 500 transactions is a lot of work. In addition, they wrapped the data this year so the column showing cost shows both original cost and adjusted cost on the same line. Again you can clean it up but it involves removing one of the costs from each of 500 lines. Finally when showing mutual fund transactions they show the Description of the fund on the line above and then nothing on the lines below. In a case where dividends have been invested for a period of years you have no choice but to cut and paste the description. Not fun....amd I have a lot of Morgan Stanley clients with large managed accounts. I just finished one to see how long it took to clean it up soit would import, it took roughly 5 hours. Sorry just had to vent!

Lion I have never been able to figure out how to merge the two fields in excel as you suggest. My excel tells me"The selection contains multiple data values. Merging into one cell will only keep the upper-left most data." If there is a way to do this it would help a lot.

[Jack from Ohio]

Open Form 8453 and attach copies of broker transactions and MAIL to Austin, TX.

I distinctly remember the IRS no longer allows 8453 to be mailed. I also remember the IRS not allowing this procedure. Don't remember exactly when, but it was discussed very thouroughly on this forum.

With MEF, all attachments can be sent as .pdf files attached to the e-file.

Please correct me if I am mistaken? Excel spreadsheets are TOTALLY flexible as to names of columns, position of colums, etc. Just rework the file to meet the inport requirments, then import. With 500 transactions, it will take FAR less time.

Excel 2007 or later has powerful tools to change entire colums, or delete specifice data from a specific column. Let Excel do all the tedious work.

[Lion EA]

The last check box on Form 8453 is exactly what the OP wants. This year it refers to Form 8949 instead of to Schedule D. Of course you can mail it in as the cover for the broker statements, as always -- that's what it's designed for.

[Catherine]

As far as those horrid long columns to click individually for non-business, filer/spouse/joint, and now the new form codes, I do what ATX strongly urges you NOT to do.

First -- SAVE the return and turn OFF auto-save. (That last saves your bacon if something goes wrong.)

Second -- UNprotect the import or detail sheet or wherever your data is.

Third -- Now you can fill in just like a regular Excel spreadsheet.

If you are satisfied, you can save the return, turn auto-save back on, and you're good.

If something goes wrong, just quit WITHOUT saving and all your edits go away. This method is more than a little nerve-wracking and takes time -- so I don't use it until I get to the many hundred trade clients. Under a hundred, I click each stupid frimping *&%$# box.

Catherine

[Lion EA]

My import (ProSystem fx) isn't like ATX's, but I can do what ever I need to in the spreadsheet, add a column for T/S/J for instance. Then when I map the spreadsheet columns to the worksheet input columns, they're already filled in the way I want them. I'm much faster in Excel that I use all year long than I am in tax software.