When keying in stock sales on Sched D in the 2020 ProSeries software, if the basis needs to be corrected you can no longer VERY SIMPLY TYPE IN THE CORRECTED BASIS ACOUNT. Instead, you now need to actually calculate the required adjustment and key that in on the worksheet. It was soooooo much easier to just key in the corrected basis dollar amount in the 2019 software and let ProSeries calculate the adjustment. Am I missing something here or was this just a really stupid change the programmers made this year to the Sched D worksheet? Why not just let me simply key in the corrected basis amount instead of making me calculate the adjustment amount separately (more work).
I like to refer to these things as dehancements.
I saw a post where they provided a new "enhancement" to print preview where you could select which pages would print. This is something that I think was dehanced 5 or 6 years ago (that year that they broke printing, half the HPs didn't work anymore and there were a bunch of complaints about it) so really they're just bringing it back.
It is possible that the program is not updated completely for that schedule. I don't work on any client files until notified that the IRS is ready to accept efiling. Then I make sure my program updates are current.
Especially in Presidential election years when the tax laws are so subject to change. No sense in doing input when the law will no longer apply. Look what happened when Obama took over. The delay due to new tax laws was ridiculous.
Haha - I wish that were the case, but it's not. In typical Intuit fashion, something is working just fine...we get used to the ease of preparing a return a certain way....and so it's time for Intuit to change it for absolutely no reason whatsoever. For some reason, Intuit had changed the Sched D input format multiple times in the past 10 years.
And this change to the CORRECTED COST BASIS data entry is totally unnecessary. There was absolutely no change in the law that precipitated the change on that worksheet. Now, we will have to prepare a separate calculation for the "adjustment" instead of just letting me literally enter the corrected cost basis (no separate calculation necessary).
Might be up there as one of the dumbest totally unnecessary changes in the 2020 software. Intuit needs to revise the 2020 Sched D input to allow preparers to simply enter the corrected cost basis - just like it was in the 2019 software. Who is reviewing these beta software tests??
Who is reviewing these beta software tests??
People who download and install the software in November are the Beta testers. And no, the developers from Intuit don't look at the complaints about the software on this forum.
I broke down and opened a dummy return to see this mess.
When you are on the 1099-B w/s, the NEW (and improved!) way to enter stock sales, enter the name, dates, sales price and cost, but DO NOT ENTER THE ADJUSTMENT* AMOUNT HERE.
Instead, double click on Adjustment Amount* box and go to Capital Gain(Loss) Adjustments w/s. Go to Part III and enter correct basis.
Then the correct adjustment will appear on Sch D and 8949.
From what I read in the instructions while in my dummy client, you can enter the adjustment amount right on the 1099-B worksheet line for adjustments. Only certain codes are not supported by that line and have to be entered on the capital gains/losses work sheet.
When I double click on the adjustments line and go to the worksheet, that doesn't solve the problem either because it still requires you to enter the cost basis (NOT the corrected cost basis). I'm not following what you're suggesting as the solution (and I have been using the program for 25+ years).
OK I see what you're saying now...but what a major hassle having to click through and then scroll down and enter the info. Sooooo much easier just enter the corrected cost basis right under the regular cost basis as it was on the 2019 software.
More unnecessary steps, more unnecessary clicking, more unnecessary scrolling. JUST LEAVE THE DATA ENTRY THE SAME AS 2019 - ABSOLUTELY NO NEED TO HAVE MADE THAT CHANGE MAKING IT MORE TIME CONSUMING TO ENTER CORRECTED COST BASIS DATA.
Where's the list of adjustment code descriptions were supposed to input? I see the help file shows which letters are acceptable, what do those letters stand for though?
It's in the help but you have to really look for it.
B - incorrect basis on 1099-B
C - collectible
D - accrued market discount
E - sales fees/expenses
L - disallowed losses
N - nominee sales
O - other adjustments and ordinary sale from Section 1242 stock
Q - qualified small business stock
R - deferral of rollover gain
S - ordinary loss from Section 1244 stock
T - incorrect holding period
W - disallowed wash sale loss
X - DC zone or qualified community assets exclusion
I don't mind it so far. I'm happy to see a 1099-B worksheet in the program actually and can't wait to try it out more. It will make things in my office so much easier when reviewing returns to be able to have things sorted by 1099-B.