Inidividual Stock Sales as Nominee Turbotax Home & Business 2023

Forum|Forum|2 years ago
March 17, 2024
1 reply
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I have a joint account with a relative and report stock sales (gain / loss) from that account on their return and on mine. Past versions of TT Home & Business desktop allowed me to enter individual stock transactions and then allowed me to make adjustments (assignment to joint owner) which showed up as Code N on Form 8949 and the corresponding adjustment to Schedule D. Worked great.

2023 TT Home & Business desktop no longer allows this assignment for individual sales as the prompt only shows up for grouped transactions and then prompts me to mail additional forms to the IRS. I have spent hours on the phone with TT help already and not a single person was able to explain this change in the SW.

Anyone out there know what happened or know how to fix / work around?

TurboTax Home & Biz Windows

jtax

Employee

In TT Home & Business Desktop it appears the interview does not ask for those adjustment codes, but you can get at them via forms mode.

double click on one of the sale fields and you will get the "capital g/l adj" worksheet and at the end of Part III Specific Adjustments you will find the place to enter a nominee adjustment.

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WarrenP67Author

A sincere thank you for answering this question. Your solution worked great, my faith in TT as a product is now strengthened.

I was astonished that none of the 4 different Turbo Tax help desk persons I spoke to were unable to work this out including a "tax expert". It seemed unlikely that I was the only person having this issue with the 2023 version and I was shopping other tools to address this issue. I wish TT would leave things that work alone in the future rather than trying to dress up the user interface. Thanks again.