Continuation Sheet for Schedule D

[susieq]

Received a "QuickAlert" from irs.gov. It addressed the title above. It stated that if we submit paper Schedule D-l's we cannot use a PIN. Must send in 8453. Assume that this is for tp's who have a lot of transactions on the Sch D.

The IRS referred to "Short or Long Term Capital Gain or Loss Records" in place of Schedule D-1 if the Schedule D filer is otherwise eligible to use a PIN. Cannot find out what the G/L record is .

Can someone clear this up for me? Thanks

[jainen]

Morgan Stanley

I had an annual statement from Morgan Stanley today. It included a report called Realized Gains and Losses. It was a listing of all the sales transactions with dates and basis in Schedule D format, very nice except for the tiny print.

I couldn't attach it to the return, though, because there were three different MS accounts and another from Fidelity. I just typed it up in about 20 minutes. The per-item pricing came to over $700 but I cut it in half. Good client.

[S T]

Sched D Transactions

As much as this is talked about, I still input every Schedule D transaction for the client and charge the client accordingly.

Reason, one I can charge for it, I make the client aware that I am charging for it and that the government requires it. It is a cross check to make sure all is accurate, we have found mistakes in the Brokerage Statements. It also makes the client aware that sometimes the Stock Broker is "churning" the account for a fee and making little investment gain for the client! And then if I enter, I can efile the return.

S

[RLymanC]

1099-g

Similar to schedule D.
Have a client with 65 1099-G and $187,000 gambling winnings and documented $46,000 losses.

Called the IRS and got permission to E-file one 1099-G with 100% winning and taxes withheld and send all 1099-G forms with form 8453 to IRS.

Yep, got name and employee number!!!!! Interested in how this plays out.

[S T]

Lyman and W2G

Good for you, I tried to do a little research on this as I had seen your post several times, but could find NO info on.

So for future reference if we come across a client with "multiple" like over 20? W-2G forms, we can call and ask to submit with form 8453???

Thanks for the info.

Sandy

[abby]

now I get it, I think

I believe I just figured out what caused all the fuss this year - I noticed that for the first time my software is filling out a variety of D-1 forms (ST, LT, etc) rather than putting overflow transactions onto a statement attached to the return.

So, it seems, for the first time the efile return will include this detail - as I've heard it said that our statements are not necessarily part of the efiled return.

Sorry if I'm being redundant and this has already been discovered - I just couldn't figure out why this year the IRS was pushing this point - maybe this is it.

[JON]

Stockbrokers' Reports

Last week worried about Schwab 1099B 10,000,000 plus- Schwab sent a Quicken report-8435 attachment will be for me. If more than 20 transactions I will ask for brokers' summaries and it seems they all have it. Most are Excel spread sheets-which could be imported, but I am happy saying see 8435 and attachments. They asked for it. Still questioned what can be done with Ameritrade and the like, but whatever they can get will be the client's problem. Ameritrades of the world knew about this the same time that we did. It will be interesting to see if they tried for anything..???