Just posted on the TurboTax forum today – you may find this of interest:
I may have identified the import error E-Trade to TurboTax. I am an active trader and on import, the “disallowed Wash sale” is being double counted. I have both an old (E-Trade) and new (E-Trade by Morgan).
Let’s look at the New (Morgan) error first. In the 1099B file, with 273 sales, in one of my accounts (ST Reportable), the Wash Sales Disallowed (box 1g) is $58,163.36. When imported, the adjustment appears in TT as $116,326.72, which is double the correct amount shown on the 1099B. As you can see, this falsely inflated my tax liability by five figures…so can you please fix it? About had a heart attack when my tax tab went up $12K on an import error!
In another account – the old one E-Trade plain) with 521 trades, the amount of “adjustment” (wash sales) is $75,559.61 this matches to the 1099B – so the problem is the import of the new/rolled-over E-Trade/Morgan ST wash sales adjustment. TurboTax or Morgan’s issue?
George in East Texas
My fallback position is to OCR the wash sales detail from the 1099B and attack that to an IRS form 8453. Maybe add a couple of aggregated forms within the return with the 1099 numbers.
Life ain’t easy when you’re old. Everyone wants your money. Sometimes even twice.
Write when…you know the drill…
Oh SHIT !! Look out Florida !!
Misfire !!
https://news.sky.com/story/amp/trident-missile-misfired-and-crashed-into-ocean-during-rare-test-launch-13076724
The Great State of Michigan is asking us to house migrants but…. they don’t pay and I don’t think the offer includes using migrants as dependent deductions. This isn’t juicy enough for me.
The State transitions from ‘sponsors’ to ‘volunteers’. As the others say, “What’s worth doing is worth doing for money.”
“Michigan’s Labor and Economic Opportunity Department explained how residents can help through a sponsorship program called “Welcome Corp.”
Sponsors would be asked to pick migrant families up from the airport, secure a place for the migrants to stay temporarily, enroll migrant children in a local school and help adults with employment opportunities. Volunteers must commit for at least 90 days.”
https://welcomecorps.org/
It ain’t just Michigan. Lots of states are asking people to take in illegals. – NY wants to give each migrant a $10,000 gift card.
Around here I’ve been seeing yard signs that read, “Foster Parents Needed” with a phone #. I’m afraid to ask if the children are American citizens or migrants.
Thank God for my financial advisor and CPA but this inspires me to look for these kinds of issues when we meet and review.
Stay safe. 73
If’fn you’re bound & determined to run software to do your taxes, you might want to look at “TaxSlayer” or “TaxAct.” When I got out of the tax biz, I would suggest that people run both (and all three, after “TaxSlayer” came to exist) to “double-check” by seeing if the numbers agreed.
If taxable income is below (something like) 75k, I believe IRS will hook people up with free tax services (visit IRS.gov to find out what their current params might be. I don’t give advise or do returns, and haven’t since TY2003, and I intend to keep it that way), and if over, will do people’s taxes for free, for the asking. I’d assume they won’t go out of their way to find every possible loophole and deduction, but they also create a return that’ll be accepted without question or audit (which is) something I, as a non-Kool-Ade drinker, find useful — especially with Biden’s 87,000 IRS field agents out and on the prowl…
Obviously Ure know the government is in a world of hurt for money … and YOU need to do URE part to help!!
Take the highest figure that is calculated and pay that … so as to help out the government from it’s wayward spending habits.
It will make you feel good that URE helping the government and nothing is better in life than feeling good about helping the less fortunate in the world.