indyscott Posted February 27, 2008 Report Share Posted February 27, 2008 Kiplinger & TurboTax published a list of 11 most commonly overlooked tax deductions, and on their list was the add-back to basis of reinvested dividends to reduce the gain on the sale of securities. They admitted, that it wasn't exactly a "deduction", but it still fit in as a way to reduce your taxes. Anyhow, they mentioned that TurboTax has a cool automatic calculator that recomputes basis from an exact purchase date w/ reinvestment of dividends. I don't think that my slightly higher priced professional tax software from ATX has any such feature. Am I right? Is there any free web site that will perform this calculation? Scott Indy Quote Link to comment Share on other sites More sharing options...
jainen Posted February 27, 2008 Report Share Posted February 27, 2008 >>any free web site that will perform this calculation?<< The calculation isn't the problem -- simple addition. But getting the numbers requires a massive database constantly updated for all cusips. That's not something that can be maintained without substantial cost, so I wonder how robust the TurboTax function is. I notice they don't feature it on their website as one of the big advantages . I believe the publishers of ATX software do offer a cost basis lookup as one of their research tools. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 27, 2008 Report Share Posted February 27, 2008 >>Kiplinger & TurboTax published a list of 11 most commonly overlooked tax deductions<< In general, I find Kiplinger tips to range from incomplete to ludicrous. One of the items on this most-common list is that some jurors waive their stipend but then pay tax on it anyway. So I'm skeptical of their suggestion that TurboTax is the way to do serious cost basis analysis. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 27, 2008 Report Share Posted February 27, 2008 I don't understand how any program could possibly calculate the add back on stock dividends. They are never the same. We do them manually every year and getting the basis information and accumulated dividends can be an awesome task if the client had the stock for any length of time. I do, however, agree that it may be one of the most overlooked reasons for a client paying too much tax on the sale of stock. BUT, that is one of the reasons that they pay us to prepare their returns... Quote Link to comment Share on other sites More sharing options...
OldJack Posted February 27, 2008 Report Share Posted February 27, 2008 A simple spreadsheet does the job.mutualfd.xls Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 27, 2008 Report Share Posted February 27, 2008 alot of companies offer the calc on their website under investor relations Quote Link to comment Share on other sites More sharing options...
indyscott Posted February 27, 2008 Author Report Share Posted February 27, 2008 A simple spreadsheet does the job. Jack, Thanks. When I opened that spreadsheet, I got a warning about macros. Is there anything I s/ know about that? And, the sheet has data in it. I assume I can just zero out and replace the data. Your idea of a "simple spreadsheet" is a little different.... some of the formulas in there look not so simple to me. But, it does appear to work. thanks! Quote Link to comment Share on other sites More sharing options...
Kea Posted February 27, 2008 Report Share Posted February 27, 2008 Jack, Thanks for posting the spreadsheet. I have a similar one for reinvested stocks. But my handling of shares sold goes into more detail as to which shares were sold, and it is not as automated. I like yours better. Quote Link to comment Share on other sites More sharing options...
OldJack Posted February 28, 2008 Report Share Posted February 28, 2008 Jack, Thanks for posting the spreadsheet. I have a similar one for reinvested stocks. But my handling of shares sold goes into more detail as to which shares were sold, and it is not as automated. I like yours better. The macro warning is just routine with excel. All formula and the worksheet was designed and made by me. I use it for clients that the broker doesn't provide tracking. Yes, you can delete the data as that was real data for a client that I just did the other day. I left the data to show how it works. Protect the worksheet and data input will be limited to the color fields. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 28, 2008 Report Share Posted February 28, 2008 Thank you, thank you, thank you. Quote Link to comment Share on other sites More sharing options...
Joel Posted February 28, 2008 Report Share Posted February 28, 2008 Jack, Tried to download your spreadsheet but was unable. Could you repost it or email directly? Joel Quote Link to comment Share on other sites More sharing options...
Joel Posted February 28, 2008 Report Share Posted February 28, 2008 Jack, Cancel the last. Worked out a method of downloading. Thanks, Joel Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 29, 2008 Report Share Posted February 29, 2008 As I mentioned on another board, the TT program only provides a worksheet to enter your data. Does the same thing as a spreadsheet, but has the formulas built in. You provide the data entry. Now, TT can download data info from the brokers, but the accuracy of it leaves much to be desired. And it only downloads the B's and basis data if provided by the brokers. Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 29, 2008 Report Share Posted February 29, 2008 A simple spreadsheet does the job. Great spreadsheet; thanks _so_ much for sharing! I had a return I was working on yesterday; put it aside (for when I had more time and energy) for just this situation. Looking forward to tackling it with better weaponry today! Catherine Quote Link to comment Share on other sites More sharing options...
OldJack Posted February 29, 2008 Report Share Posted February 29, 2008 >> thanks _so_ much for sharing!<< You are welcome.. hope it works for you. Quote Link to comment Share on other sites More sharing options...
JRS Posted February 29, 2008 Report Share Posted February 29, 2008 Thank you for the spreadsheet. It is really a time saver. For someone who states, "So for us dummies...", I think you are underrating your talents! Quote Link to comment Share on other sites More sharing options...
OldJack Posted February 29, 2008 Report Share Posted February 29, 2008 You are welcome JRS. I have been amazed that over 100 have downloaded the spreadsheet. I assumed everyone had something similar. This is using the average cost method approved by the IRS to determine cost of sale. From the menu select protect the sheet and the enter-key will move the cursor only to the color input fields. Quote Link to comment Share on other sites More sharing options...
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