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Linn Energy, LLC (LINE) Message Board

  • genetuck genetuck Mar 22, 2013 3:17 PM Flag

    Liz, Turbotax problems

    For the first time, I downloaded tax documents into Turbotax this year and so far I'm not happy with the result. It showed that I sold 700 shares of BIP for more than $24,000.....a big capital gain....and it never happened. The stocks are still in my account. The first thing I thought when I saw that "sale" was
    "Why would I sell BIP, it's one of my favorites". Of course the TDAmeritrade 1099 doesn't show any sale.
    Any idea how that phantom sale might have happened? I checked the 1099 online to make sure it hadn't been updated.
    I'm also having problems with K1s. I can't make changes to the figures shown in the downloaded forms. I have started deleting them and putting in new ones manually. The way that the downloaded forms show up, I have trouble figuring them out and I can't correct entries. I can only input figures where Turbotax asks me to.
    Not long ago you posted some tips on K1s. Do you remember the approximate date? Thanks.

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    • I post tips on K-1s a lot at this time of year, so can't say which you are thinking of.
      Well Turbotax can't make up sales, so it must have been in the data you downloaded (in which case not a TT ptoblem). Or perhaps when you were entering your K-1 you accidentally checked the box that it was a final K-1 (you had disposed of your position). Either way, it doesn't sound like a big problem - just delete it if incorrect.
      I haven't had any problems entering K-1s however have not done the final error check yet. I think it's better to enter the data manually anyway as not all boxes are downloaded. Or what I usually do is, download first (to minimize typos), then go through the whole interview and add whatever was not downloaded. If the download is messing up somehow, I would suggest just delete the downloaded K-1 and input it all manually.

 
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