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Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: New Question about SLV Date: 3/1/2012 11:50 AM
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Has anyone tried yet to report gains/losses on SLV using TurboTax?
Do they have the forms, etc., to handle this kind of "thing"?

Thanks,


AM
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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115297 of 121061
Subject: Re: New Question about SLV Date: 3/1/2012 12:49 PM
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Has anyone tried yet to report gains/losses on SLV using TurboTax?
Do they have the forms, etc., to handle this kind of "thing"?


They have the forms, since there aren't any different forms required. What they (probably) don't have is an interveiw sequence to walk you through all of the calculations you need to do in order to know what numbers to enter.

Ira

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Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115298 of 121061
Subject: Re: New Question about SLV Date: 3/1/2012 12:54 PM
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Has anyone tried yet to report gains/losses on SLV using TurboTax?
Do they have the forms, etc., to handle this kind of "thing"?

They have the forms, since there aren't any different forms required. What they (probably) don't have is an interveiw sequence to walk you through all of the calculations you need to do in order to know what numbers to enter.

Ira

----------


How do I tell TurboTax exactly what it is?
*I* don't even know what it is - other than a stock.
How do I specify that it is to be treated differently?
Oy! What a headache!

AM

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115299 of 121061
Subject: Re: New Question about SLV Date: 3/1/2012 1:20 PM
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How do I tell TurboTax exactly what it is?
*I* don't even know what it is - other than a stock.
How do I specify that it is to be treated differently?
Oy! What a headache!


I can't help you there, as I don't use the program.

Ira

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115300 of 121061
Subject: Re: New Question about SLV Date: 3/1/2012 2:08 PM
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How do I tell TurboTax exactly what it is?

You're transferring your angst to TT, which couldn't care less. All it wants is some numbers. So, why don't you give us the numbers (descriptions are sufficient), and perhaps we can tell you where to put them.

As Ira mentioned, there's likely no interview, so you'll need to do this in Forms mode. If you don't know how to do that, you'll need to tackle it through TT help.

Phil
Rule Your Retirement Home Fool

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Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115301 of 121061
Subject: Re: New Question about SLV Date: 3/1/2012 2:31 PM
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How do I tell TurboTax exactly what it is?

You're transferring your angst to TT, which couldn't care less. All it wants is some numbers. So, why don't you give us the numbers (descriptions are sufficient), and perhaps we can tell you where to put them.

As Ira mentioned, there's likely no interview, so you'll need to do this in Forms mode. If you don't know how to do that, you'll need to tackle it through TT help.

Phil
Rule Your Retirement Home Fool

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Thanks, Phil.
I'll get back to you if I hit a road block when I start the taxes next week. I've just been getting myself mentally into gear for tackling them and haven't really started just yet. Gathering stuff. Figuring out everything I have to be reported and all the rest of the stuff.

If I survive, I'll wave a white flag or something. :)

AM

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Author: TerryMcK Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115303 of 121061
Subject: Re: New Question about SLV Date: 3/1/2012 3:36 PM
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How do I tell TurboTax exactly what it is?

You will wind up entering this data in the same general area where you enter sales of stock, funds, etc.

There is a box that can be checked for "collectables" prior to entering all of the detailed information.

You can enter a description, etc. along with the numbers.

You can also do a search of the online community in TT and there are some discussions, inputs, etc. on how to handle the GLD and SLV.

Thus far, having said all of that, it still seems like a real pain for a few dollars.

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Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115304 of 121061
Subject: Re: New Question about SLV Date: 3/1/2012 3:53 PM
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Thus far, having said all of that, it still seems like a real pain for a few dollars.



You got that right.
But I appreciate your information.
Thanks.

AM

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Author: stockmover Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115314 of 121061
Subject: Re: New Question about SLV Date: 3/2/2012 1:54 AM
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Hey AM,

How do I tell TurboTax exactly what it is?

I don't know the exact procedures to handle SLV within TurboTax, but TT advertises that their users can contact (IIRC by phone) their Tax CPA for assistance. A good friend of mine recently did exactly that for another tax matter with good results. You already paid for their software why not use their services?

HTH

Rich
Arizona

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Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115315 of 121061
Subject: Re: New Question about SLV Date: 3/2/2012 9:34 AM
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I don't know the exact procedures to handle SLV within TurboTax, but TT advertises that their users can contact (IIRC by phone) their Tax CPA for assistance. A good friend of mine recently did exactly that for another tax matter with good results. You already paid for their software why not use their services?

HTH

Rich
Arizona

--------


Actually, I get to use TurboTax for free online through Vanguard. Except that this year I have opted to pay the $10 extra for use of the Premier edition. Haven't needed it in the past, but thought I might this year because of so many crazy rules I'm having to contend with.

But your suggestion is still a good one. If I run into a road block with it, I'll give them a call.

AM

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Author: cheftms One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115316 of 121061
Subject: Re: New Question about SLV Date: 3/2/2012 10:47 AM
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Just this morning I worked with one of the TurboTax tax advisors to walk me through some issues I had with how depreciation charges were being handled on my NJ state return. It took some time (close to 2 hours all told) but the assistance was excellent and the issue was resolved ... and I understand all of the changes the adviser suggested in case I need to explain them in the future.

Regards,

Tom

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