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Financial Planning / Tax Strategies
|Subject: problem with TurboTax download||Date: 3/13/2013 11:52 AM|
|Author: 2gifts||Number: 118043 of 121799|
I am having a weird problem with TurboTax, and wanted to run it by you folks to see if my proposed plan for handling the issue makes sense, or if you have a better idea.
For the first time, I have downloaded my 1099 information into TT, where in past years I have just entered everything manually. When I did a line-by-line comparison with my 1099 and my information from Quicken, it turns our there are 12 phantom transactions that TT has downloaded and has the box checked as reported to the IRS. There are a litany of problems with these transactions. First, they don't appear anywhere in my taxable accounts with the brokerage, nor are they in the IRA accounts as I checked those just to be sure. The stock symbols are actually correct for things held in the account, but the quantities and transaction dates do not exist. Moreover, the acquisition dates are listed as about a year prior to the account even existing. And the account number listed is an obvious placeholder (1234567890).
I have called the broker, and they cannot find anything close to these transactions, so we are all in agreement that they don't exist, but that doesn't explain how or why TT could have downloaded the info.
At this point, I am thinking the best thing to do is to just delete these phantom transactions from TT. If, for some reason, they were actually reported to the IRS (doubtful as they don't show up on my 1099), I would hope that I can clear it up with a letter from the broker saying these don't exist.
So does this sound like a reasonable plan? I wouldn't have even had this issue if I had just manually entered, but if there really is a problem here, I'd prefer to have a plan to deal with it from now than do a mad scramble later.
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