Not supported calculations in TurboTax

[wanaberetiree]

I will have to report and pay taxes for so-called "Sale of Qualified Small Business Stock".

Apparently, TurboTax does not support this type of calculations

I am wondering if:

1. anyone had a similar issue and how it was resolved?
2. if I do use forms in TurboTax and enter data manually, will this be used to adjust my gross income, amount own etc.?

[MichaelB]

Quote:

Originally Posted by wanaberetiree I will have to report and pay taxes for so-called "Sale of Qualified Small Business Stock". Apparently, TurboTax does not support this type of calculations I am wondering if: 1. anyone had a similar issue and how it was resolved? 2. if I do use forms in TurboTax and enter data manually, will this be used to adjust my gross income, amount own etc.?

No experience with small business stock issue but I have had other tax situations that TT didn't support. It usually has the forms and will add the final calculation from your form to the 1040 (or wherever it goes), so it still does all the math. Even so you should probably check. You also may have to print and mail the return instead of e-filing.

[davemartin88]

Quote:

Originally Posted by wanaberetiree I will have to report and pay taxes for so-called "Sale of Qualified Small Business Stock". Apparently, TurboTax does not support this type of calculations I am wondering if: 1. anyone had a similar issue and how it was resolved? 2. if I do use forms in TurboTax and enter data manually, will this be used to adjust my gross income, amount own etc.?

In my Turbotax 2012 Home & Small Business software, when you enter a sale of a stock, one of the interview questions asks if it is a small business stock and if you answer yes, it then asks for more information about the sale. If this isn't what you need, please ignore, I think this is done the same way in all versions of TT that handle stock sales, don't think it is because I have the Home & Business version. Good luck.

[wanaberetiree]

Thank for answers, very useful.
When you say "You also may have to print and mail the return instead of e-filing", did TT prompted for this?

[MichaelB]

Quote:

Originally Posted by wanaberetiree Thank for answers, very useful. When you say "You also may have to print and mail the return instead of e-filing", did TT prompted for this?

Yes. It has happened to me a couple of times. Not a big deal. TT tells you when the return is finished and you are getting ready to file - it says you can't e-file and need to snail mail. It gives you the mailing instructions, so all you need is an envelope and paper in your printer.

[Alan]

Quote:

Originally Posted by MichaelB Yes. It has happened to me a couple of times. Not a big deal. TT tells you when the return is finished and you are getting ready to file. It gives you the mailing instructions, so all you need is an envelope and paper in your printer.

I had to mail in a return last year when it just couldn't seem to cope with the new FATCA/FBAR forms.

This year however they seem to have raised the limits so I don't have to fill in all those extra forms. Just mail in the usual form reporting a bank account that had a balance over $10k at one time during the year.