Use 7 digits and make the calculation come out right for TurboTax then handwrite the rest of the digits in when you print it out. Excludes you from e-filing though. TurboTax probably wants you to get a more expensive version to do what you want to do within the program because they blow chunks. How hard is it to handle larger numbers? Irritating policy from an irritating company.
Thanks guys! Looks like I am going either to divided them into multiple entries or try hand overwrite the numbers, ehh.
I believe the IRS wants to match the figures reported to them by the broker and the figures reported by you. If your borker reports only one figure (total proceeds), you should also report the same figure. In other words, I would not break it up. If the IRS does not see a match, you will be contacted (if they catch it). If you want to avoid hassles, make it easy for them by reporting one figure if that is how your broker reprots it. I believe you also have to report each transaction, so I will attach a separate exhibit that contains each transaction, in the form that the IRS wants it. Good luck!
So is there any program that can handle over $10mil in gross proceeds? sucks to have to hand write the figure when everything else is neatly done.
I used gainskeeper last year to create the Schedule D and imported into Turbotax. As I had over 10 mil of proceeds, I am not exactly sure what you are referring to as a limit. Good luck to you.
The limitation of numbers under 10 mil is real. I think it applies to both individual and summary items. It doesn't matter what or how you prepare the transactions (Excel or Gainskeepers), they will all eventually be summed up. If the totals is equal or larger than 10 mil, then TTax will err you out (red flag and no e-file). My transactions totalled over tens of millions for both 2004 and 2005. However, I did not notice this on year 2004. It seems to be on 2005 only. I have the Deluxe TTax version. Does the Premier version handle the issue? Anyone knows? I've contacted Intuit Tech Support. The gal does not know, she just wanted to get rid of me and recommend ProSeries (very expensive - $1500 or so) Is going manual entry and hard copy mail in the remaining option?
It would be nice to know if this is just a hard limit in TurboTax or if it is a hard limit for e-filing as well. Irritating limitations like this in TurboTax (plus its decision that one year to have that screwed up installation) made me switch to TaxCut. TaxCut has its own quirks, but I have not run into the totally incomprehensible 10 million limit that piece of crap TurboTax has. Unfortunately, I don't (I can't) e-file so I can't help you there.