Can Proseries upload info for Form 8949 from Folio website?

Forum|Forum|3 years ago
March 6, 2023
1 reply
19 views

On Saturday, I had clients arrive with 16 pages worth of stock transactions that will have to flow from Sch D input to Form 8949 ... they presented me with an email from their brother which says: "To my delight, the H & R Block software I am using knew of Folio, linked to their site with 2 numbers provided on my 1099 from Folio, and fully uploaded and populated all the fields needed - 1099-DIV, 1099-INT, and 1099B. In seconds, it was all there and all I did was review each page of entries for accuracy."

Wow ==> does anyone have experience with uploading $ info from Folio to our ProSeries software? I've always been inputting page after page, manually ...

ProSeries Professional

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Best answer by dkh

IRS Schedule D instructions on page D-10 to D-11 under Specific Instructions

It is a wonderful thing!

IRonMaN

Level 15

You are aware that if cost is provided to the IRS, you only have to enter totals?

Slava Ukraini!

B

buelfarmAuthor

Level 5

First of all ==> Seriously?! What tax cave have I been living in for the past 30 years that I was not aware of that MAJOR detail? So, you're saying that if Folio has short term transactions notated with "A" where cost basis is provided to the IRS, and likewise, long term transactions notated with "D," that I only have to enter the ST totals & LT totals, with their corresponding gains or losses?! Inconceivable 🙂 Can you tell me where it says that in Sch D or Form 8949 Instructions, or is it somewhere else, like in the Code? Wow.

IRonMaN

Level 15

Check out the 8949 instructions. When you step out of that tax cave, you might want to wear sunglasses for awhile so you don’t hurt your eyes😎

Slava Ukraini!

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