For Stock Transactions TurboTax limits you to 7 digits to the left of the decimal point therefore you cannot enter a number 10 million or greater. To fix this you have to break it up to smaller numbers less than 10 million. However I just discovered a new TurboTax bug.
Why can't I enter numbers on sale of stock on TurboTax?
June 1, 2019 5:09 AM Entering information on sale of stock turbotax will not accept the numbers for shares and net proceeds, claiming numbers are too large. What should I do? TurboTax limits the number of digits in data entry fields to nine, including the cents figures to the right of the decimal point.
What is the largest amount I can enter in TurboTax?
As mentioned in the thread, the largest number you can enter in TurboTax is 9,999,999.99 . Let's say you need to enter sales proceeds of $15,600,000.00 TurboTax won't accept it. To get around this, break it down into three transactions of $5,200,000.00. You would also need to adjust the cost basis and # of shares accordingly. March 6, 2020 10:27 PM
How do I show gross proceeds over 1 billion on TurboTax?
On 1 of the TurboTax forms it shows Cost Basis Total 999,999,999.99. If I add 1 more entry that pushes Total Proceeds over 1 Billion then it will show Total Proceeds 999,999,999.99 and at the bottom of the page in small print it says Gross Proceeds - The amounts are too large.
How do I get a 1099-B from TurboTax?
Open your TurboTax return and click on the Personal tab, at the top Click on Personal Income and then, I’ll choose what to work on Answer Yes to both Did you sell any investments? and Did you get a 1099-B? If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
How do I enter a large number of stock transactions in TurboTax?
Open or continue your return (if it's not already open) and search for stock sales. Select the Jump to link in the search results. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?. If you land on Your investment sales summary, select Add more sales.
How many stock transactions can TurboTax handle?
TurboTax Online can handle up to 10,000 transactions per brokerage account.
How do I report stocks on TurboTax?
When you buy an open-market option, you're not responsible for reporting any information on your tax return. However, when you sell an option—or the stock you acquired by exercising the option—you must report the profit or loss on Schedule D of your Form 1040.
Can I use TurboTax free if I sold stock?
An investment sale can only be reported using the Premier edition or higher, not the Free edition.
Do I have to enter every stock transaction on my tax return?
Brokerage firms are required to report stock transactions on Form 1099-B. While the brokerage information may contain multiple transactions, they don't necessarily need to be individually entered in the tax return but can be aggregated.
Can TurboTax import stock trades?
You may import your 1099-B (stock transactions) if your brokerage participates in the TurboTax Partner program. Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.) Click My Account (top right of your screen).
How do you file taxes with stocks?
Enter stock information on Form 8949, per IRS instructions. You'll need to provide the name of your stock, your cost, your sales proceeds, and the dates you bought and sold it. Short-term transactions go in Part I, while long-term transactions go in Part II.
Where do I enter my RSU in TurboTax?
0:011:01How Do I Enter Restricted Stock Unit (RSU) Sales in TurboTax? - YouTubeYouTubeStart of suggested clipEnd of suggested clipWith your return open search for 1099-b. And select the jump 2 link have your 1099-b. And w2 handyMoreWith your return open search for 1099-b. And select the jump 2 link have your 1099-b. And w2 handy you'll need them for this section. When you enter your 1099b.
What happens if you don't report stocks on taxes?
If you fail to report the gain, the IRS will become immediately suspicious. While the IRS may simply identify and correct a small loss and ding you for the difference, a larger missing capital gain could set off the alarms.
Can I use TurboTax Deluxe If I sold stock?
If you sold any investments (stocks, bonds, mutual funds, options, etc.) then you'll have to file a Schedule D – which also means you'll need TurboTax Premier.
How do I claim stock loss on TurboTax?
To enter a capital loss in TurboTax Online:Continue your return in TurboTax Online. ... Click Tax Tools (lower left side of the screen).Click Tools.In the pop-up window, select Topic Search.In the I'm looking for: box type, the capital.In the results box, scroll down and highlight capital loss, then click GO.More items...•
What is an employer stock option?
The two main types of stock options you might receive from your employer are: These employer stock options are often awarded at a discount or a fixed price to buy stock in the company. While both types of options are often used as bonus or reward payments to employees, they carry different tax implications.
What is stock option?
Stock options give you the right to buy shares of a particular stock at a specific price. The tricky part about reporting stock options on your taxes is that there are many different types of options, with varying tax implications.
What is a non qualified stock option?
Non-qualified stock options (aka non-statutory options or NSOs) These employer stock options are often awarded at a discount or a fixed price to buy stock in the company. While both types of options are often used as bonus or reward payments to employees, they carry different tax implications. The good news is that regardless of the type ...
Is an option sold after a one year holding period considered long term capital gains?
Options sold after a one year or longer holding period are considered long-term capital gains or losses. When you use TurboTax to prepare your taxes, we’ll do these calculations and fill in all the right forms for you. We can even directly import stock transactions from many brokerages and financial institutions, right into your tax return.
Do you have to report an open market option on your tax return?
When you buy an open-market option, you're not responsible for reporting any information on your tax return. However, when you sell an option—or the stock you acquired by exercising ...
Do you have to report stock options on taxes?
No matter how many statutory or non-statutory stock options you receive, you typically don't have to report them when you file your taxes until you exercise those options, unless the option is actively traded on an established market or its value can be readily determined. This exception is rare but does happen at times.
andyf
For Stock Transactions TurboTax limits you to 7 digits to the left of the decimal point therefore you cannot enter a number 10 million or greater. To fix this you have to break it up to smaller numbers less than 10 million. However I just discovered a new TurboTax bug.
SoesWasBetter
Never gross less than 1 trillion , which TTax handles perfectly. I've never had a problem.
Stocktracker
With that kind of money, you should have a personal accountant doing your taxes for you!
Jack1960
It is pretty easy to set up your own spreadsheet. Then you can manually enter the tax number
andyf
As for SoesWasBetter I assume his comment is just a smart aleck comment. He's evidently not a day trader or he would understand how the Total Proceeds and Total Cost Basis numbers can get very large by flipping over and over every day.
sprstpd
As for SoesWasBetter I assume his comment is just a smart aleck comment. He's evidently not a day trader or he would understand how the Total Proceeds and Total Cost Basis numbers can get very large by flipping over and over every day.
CrashProof
Do one line on Turbo Tax With total gross proceeds and cost... instead of e-file, print and mail in your forms along with the complete 8949.