ljwalters Posted March 18, 2009 Report Share Posted March 18, 2009 When the list of stock sales is to long to type in the program I know you can put in totals and send the P&L schedule from the brokerage house. How do you code the sale date for e-filing. When I put various I get an Efile Error. Linda and buddy Quote Link to comment Share on other sites More sharing options...
B. Jani Posted March 18, 2009 Report Share Posted March 18, 2009 ATX requires sale date so i put based on long or short term gain for sale if lots of different date of sale. For purchase date, you can put various. Hope this helps. Quote Link to comment Share on other sites More sharing options...
GeorgeM Posted March 18, 2009 Report Share Posted March 18, 2009 When the list of stock sales is to long to type in the program I know you can put in totals and send the P&L schedule from the brokerage house. How do you code the sale date for e-filing. When I put various I get an Efile Error. Linda and buddy I have a client coming in tomorrow, who is a day trader. I have never done one before, how do I send the brokerage house forms to the IRS. Thank you Quote Link to comment Share on other sites More sharing options...
JRS Posted March 18, 2009 Report Share Posted March 18, 2009 I hate to be a pain, but you should read the instructions below and make sure you come at least close. Few brokerage statements follow the format that the IRS wants. I was "politely" busted a few years ago, because the statement "did not meet our standards." They let me resubmit with just a verbal slap. Instructions for Schedule D: Lines 1 and 8 Enter all sales and exchanges of capital assets, including stocks, bonds, etc., and real estate (if not reported on Form 4684, 4797, 6252, 6781, or 8824). But do not report the sale or exchange of your main home unless required (see page D-2). Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. You can use stock ticker symbols or abbreviations to describe the property as long as they are based on the descriptions of the property as shown on Form 1099-B or 1099-S (or substitute statement). You must enter the details of each transaction on a separate line of Schedule D. If you have more than five transactions to report on line 1 or line 8, you can report the additional transactions on Schedule D-1. Instead of reporting your transactions on Schedules D and D-1, you can report them on an attached statement containing all the same information as Schedules D and D-1 and in a similar format. Use as many Schedules D-1 or attached statements as you need. Enter on Schedule D, lines 2 and 9, the combined totals from all your Schedules D-1 or the attached statements. Do not enter “available upon request” and summary totals in lieu of reporting the details of each transaction on Schedules D and D-1 or attached statements. Quote Link to comment Share on other sites More sharing options...
ljwalters Posted March 19, 2009 Author Report Share Posted March 19, 2009 GeorgeM Sorry to have to tell you this but the day trader statements usually do not have the Profit and Loss statements in the right format. And be sure you read up on wash sales with the day trader you will most certainly have several. I charge per line when doing the daytraers, it's a real pain. Good luck and get a real cussy chair Linda and buddy Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 19, 2009 Report Share Posted March 19, 2009 You can sent the details via Form 8453 or something like that. Quote Link to comment Share on other sites More sharing options...
HV Ken Posted March 19, 2009 Report Share Posted March 19, 2009 The 8453 allows for the provision to send in the details and report the consolidated numbers on the Schedule D: "Schedule D-1, Continuation Sheet for Schedule D (Form 1040) (or a statement with the same information), if you elect not to include your transactions on the electronic short-term capital gain (loss) or long-term capital gain (loss) records." Even at $3/entry, it is not worth my time to type in over 100 transactions some of these traders perform. Although maybe if they got a bill for over $300 just for their Schedule D it would make them think twice.... Nah! Seems the only people making money at this are the brokerage firms getting their fees for every trade performed. I hate to be a pain, but you should read the instructions below and make sure you come at least close. Few brokerage statements follow the format that the IRS wants. I was "politely" busted a few years ago, because the statement "did not meet our standards." They let me resubmit with just a verbal slap. Instructions for Schedule D: Lines 1 and 8 Enter all sales and exchanges of capital assets, including stocks, bonds, etc., and real estate (if not reported on Form 4684, 4797, 6252, 6781, or 8824). But do not report the sale or exchange of your main home unless required (see page D-2). Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. You can use stock ticker symbols or abbreviations to describe the property as long as they are based on the descriptions of the property as shown on Form 1099-B or 1099-S (or substitute statement). You must enter the details of each transaction on a separate line of Schedule D. If you have more than five transactions to report on line 1 or line 8, you can report the additional transactions on Schedule D-1. Instead of reporting your transactions on Schedules D and D-1, you can report them on an attached statement containing all the same information as Schedules D and D-1 and in a similar format. Use as many Schedules D-1 or attached statements as you need. Enter on Schedule D, lines 2 and 9, the combined totals from all your Schedules D-1 or the attached statements. Do not enter “available upon request” and summary totals in lieu of reporting the details of each transaction on Schedules D and D-1 or attached statements. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 19, 2009 Report Share Posted March 19, 2009 Charge them by the pound. Quote Link to comment Share on other sites More sharing options...
RJM Posted March 20, 2009 Report Share Posted March 20, 2009 One of the nice things about ATX is you can cut and paste an Excel spreadsheet with all the cap gain/loss data directly into the ATX capital gains detail worksheet. Some brokerages allow you (ie client) to download Excel-compatible spreadsheets with all the required info. For clients with lots of 1099-B transactions, this can save lots of time. Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 24, 2009 Report Share Posted March 24, 2009 One of the nice things about ATX is you can cut and paste an Excel spreadsheet with all the cap gain/loss data directly into the ATX capital gains detail worksheet. Some brokerages allow you (ie client) to download Excel-compatible spreadsheets with all the required info. For clients with lots of 1099-B transactions, this can save lots of time. RJM -- HOW do you do this??? I got an excel-format of a couple of client accounts -- there are several HUNDRED transactions (the FIRST account of four has 179). But I can't figure out how to do the entry in any way. The ATX help is useless with its' talk of starting/stopping links but no walk-through. The detail page you mention wants one line at a time (how is this better than individual entry I might do?). Ditto input sheets. How can I get this information entered without going crazy? Thx. Catherine Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 24, 2009 Report Share Posted March 24, 2009 I couldn't get any help from ATX, but found this on the "official" communities, from a member called mwpope: "This is similar to Charley's response but if you sit on the "detail" tab of schedule D, then click on the menu Tools - Unprotect Sch D, the the screen will look a lot like an Excel template with colunn and row letters and numbers. Copy the E12:K36 and paste it onto an Excel file. Save this file as a schedule D template for use for other clients that have large quantities of sales. Now, if you can get the stock sale from any other source and export to Excel, you could copy/paste the data you get into the applicable cells that ATX used. Then copy your excel range and toggle over to ATX and hit paste. Now you need to click on Tools - Protect Sch D. I use this trick to input what I have from investment statements but if I'm missing purchase dates and basis, I can paste it in an excel file, send it to the client for them to research and mail back to me." ATX officially will NOT recommend that anyone unprotect forms. But sometimes you just gotta.... I'll also note that this was from April '08; almost a year ago. Catherine Quote Link to comment Share on other sites More sharing options...
RJM Posted March 25, 2009 Report Share Posted March 25, 2009 Hi Catherine... If you don't like to unprotect the sheets unless absolutely necessary (like me), you can cut and past the COLUMNS from the Excel source data, one column at a time. I think it should work. It did last year. Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 29, 2009 Report Share Posted March 29, 2009 Hi Catherine... If you don't like to unprotect the sheets unless absolutely necessary (like me), you can cut and past the COLUMNS from the Excel source data, one column at a time. I think it should work. It did last year. I'll keep that in mind for the future, and thanks. Ended up making a copy of the return FIRST, just in case. Unprotected the D, pasted in the data, and all was fine. But even doing the columns would have been work; this ended up being 507 transactions (yikes!), and the transaction type and filer/spouse/joint columns still would have to have been done by hand, I think. And you can't toggle down with the down button with those two fields; you have to click in the new one. Catherine Quote Link to comment Share on other sites More sharing options...
Bart Posted March 29, 2009 Report Share Posted March 29, 2009 I had already found this but thanks to whoever moved it back to the top. Who did it and how did you do it? Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 29, 2009 Report Share Posted March 29, 2009 I had already found this but thanks to whoever moved it back to the top. Who did it and how did you do it? Guilty as charged, and I did it by posting a reply to the note immediately above mine! Catherine Quote Link to comment Share on other sites More sharing options...
PaulH Posted March 30, 2009 Report Share Posted March 30, 2009 Catherine, Regarding the transaction type and Filer/Spouse/Joint columns, I usually create a column of 1's and a column of J's in Excel, then copy each column, just like the other data. (That does assume they are all the same type and same owner.) I usually do a single column at a time, so I don't have to unprotect the Detail tab first. Paul Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 30, 2009 Report Share Posted March 30, 2009 Catherine, Regarding the transaction type and Filer/Spouse/Joint columns, I usually create a column of 1's and a column of J's in Excel, then copy each column, just like the other data. (That does assume they are all the same type and same owner.) I usually do a single column at a time, so I don't have to unprotect the Detail tab first. Paul Thanks, Paul. I didn't know that would work! Next time I have 500+ transactions, I'll keep it in mind. Catherine Quote Link to comment Share on other sites More sharing options...
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