Capital Gain Tax, ESPP and Too many transactions

Google
meowmeow0

Go to company page Google

meowmeow0
Mar 7, 2021 20 Comments

I am in a special situation that some of you are probably encountering too:

1) I traded way too much and Turbotax can’t import my fidelity transactions.
So they tell me I have to
a) Enter transactions 1 by 1. (Infeasible with 500 pages of transactions!!!)
b) Just put the totals.

2) I sold ESPP stock from my previous employer.
Those have a wrong reported cost basis and needs to be adjusted. So the totals are overreporting my gains.

So Turbotax says I should choose option a) because option b) would be wrong because of ESPP.

Since there is no way I will manually write 5000 transactions, what can I do?

Thanks in advance

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TOP 20 Comments
  • Roblox
    j0hn_sn0w

    Go to company page Roblox

    j0hn_sn0w
    Get a CPA
    Mar 7, 2021 3
  • Facebook
    queso69

    Go to company page Facebook

    PRE
    Google, Microsoft
    queso69
    Enter the totals and tell TurboTax you need to adjust them. If it doesn't have that option, just adjust them yourself.

    And next year keep your ESPP separate from your day-trading...
    Mar 7, 2021 2
  • I am not clear on your question. Can't you import at all or you can import but your ESPP information is wrong? I have faced the second problem last year and fixed the ESPP cost basis by hand
    Mar 7, 2021 3
    • Google / Eng
      look2jump

      Go to company page Google Eng

      look2jump
      Is this 1500 limit the same for any of their product, premier, home&small business?
      Mar 7, 2021
    • I am thinking out loud...if you just get the totals, won't it let you edit the ESPP cost basis after import? If that is allowed, you should be able to search for the ESPP transactions and edit cost basis. Much easier than entering 1500+ transactions 😃
      Mar 7, 2021
  • There’s absolutely a bug in TurboTax Premier 2020 with ESPP adjusted cost basis - it’s just not working Intuit needs to fix this shit software

    There’s also issues with rounding small tax lots up and down to nearest dollar - I don’t get it - you have precision to 2 decimal points (at least), why round it? Just shitty software...
    Mar 7, 2021 3
    • Nope, this was not nearly as big of an issue last year - check the TurboTax community forums - there MANY people complaining about changes to 2020 software

      In the grand scheme things, I doubt it will matter - my fear is that the IRS will do automatic / programmatic comparisons with efiling and you may be at higher risk for additional review if your numbers aren’t close (due to shit TurboTax software)
      Mar 7, 2021
    • I have used TT for every year now. The shit software always wrongly calculates ACB when you import. If you think it's only this year, you might have lost a loot in taxes
      Mar 7, 2021
  • Dropbox
    92kwjwj

    Go to company page Dropbox

    92kwjwj
    Aren't taxable accounts and espp on different forms? You should be able to enter them separately in turbotax.
    Mar 7, 2021 1