Tax Planner That Models 1099 Forms


W

W

I am looking for tax planning software that will let me enter in 1099-DIV,
1099-INT, 1099-B, 1099-OID, etc *for each issuer*. The trick is I don't
want a dummied down package that hides the details of each of those forms
into "pretty" questions. I want the software to directly expose each of
those forms exactly including the line numbers on the original forms. The
idea is to be able to exactly copy the 1099 you receive from an issuer into
an equivalent 1099 form in the tax planning software.

The software would then assign each line item to a specific place on the
1040 estimate, and it would have detail reports that show how an aggregate
number is made up from specific line items reported on multiple 1099s.

Does such software exist? I've looked at TaxTools, Lacerte Tax Planner,
and a few others. They model 1040 well but provide horrible support for
the underlying 1099 documents.
 
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S

SD

I am looking for tax planning software that will let me enter in 1099-DIV,

1099-INT, 1099-B, 1099-OID, etc *for each issuer*. The trick is I don't

want a dummied down package that hides the details of each of those forms

into "pretty" questions. I want the software to directly expose each of

those forms exactly including the line numbers on the original forms. The

idea is to be able to exactly copy the 1099 you receive from an issuer into

an equivalent 1099 form in the tax planning software.



The software would then assign each line item to a specific place on the

1040 estimate, and it would have detail reports that show how an aggregate

number is made up from specific line items reported on multiple 1099s.
The desktop (not online) version of (believe it or not) TurboTax has a very good "Forms" mode. Or at least they did the last time I looked at the program 2 years ago, and it was selling for about $20 on Amazon.
 
A

Alan

I am looking for tax planning software that will let me enter in 1099-DIV,
1099-INT, 1099-B, 1099-OID, etc *for each issuer*. The trick is I don't
want a dummied down package that hides the details of each of those forms
into "pretty" questions. I want the software to directly expose each of
those forms exactly including the line numbers on the original forms. The
idea is to be able to exactly copy the 1099 you receive from an issuer into
an equivalent 1099 form in the tax planning software.

The software would then assign each line item to a specific place on the
1040 estimate, and it would have detail reports that show how an aggregate
number is made up from specific line items reported on multiple 1099s.

Does such software exist? I've looked at TaxTools, Lacerte Tax Planner,
and a few others. They model 1040 well but provide horrible support for
the underlying 1099 documents.
I am not familiar with all of the consumer and professional tax software
out there.... But, I have never come upon software that did not do what
you want either by entering the data from your 1099 form to a replica on
the screen or to a worksheet. As the previous responder said, even
TurboTax allows you to avoid the Qs&As and enter data directly.
"Taxwise" desktop and online versions from CCH uses an Interest
worksheet and a Dividend worksheet. You would enter the data from each
box on the form to a single line entry with columns for the data. Those
line entries would then populate the Schedule B and page one of the
1040. You could print each worksheet.
 
P

paulthomascpa

W said:
I am looking for tax planning software that will let me enter in 1099-DIV,
1099-INT, 1099-B, 1099-OID, etc *for each issuer*. The trick is I don't
want a dummied down package that hides the details of each of those forms
into "pretty" questions. I want the software to directly expose each of
those forms exactly including the line numbers on the original forms.
The idea is to be able to exactly copy the 1099 you receive from an issuer
into an equivalent 1099 form in the tax planning software.

The software would then assign each line item to a specific place on the
1040 estimate, and it would have detail reports that show how an aggregate
number is made up from specific line items reported on multiple 1099s.

Does such software exist? I've looked at TaxTools, Lacerte Tax Planner,
and a few others. They model 1040 well but provide horrible support for
the underlying 1099 documents.

It looks like you're asking about tax planning software, not 1099 generating
software.


I use Drake, and their tax planning portion of the software starts with the
current year, and then you open the tax planning year(s) and go to that
planning year and enter the 1099 int, div, etc that you anticipate. The end
result is that it captures each issuer (instead of a lump guess change).
The tax planner report looks like a 1040 with "tax planner" watermarked
across the page. Detail reports on the int, div, rentals, lottery winnings,
etc can be listed out if you tell it to give you that detail.

Hope that helps.
 
W

W

SD said:
The desktop (not online) version of (believe it or not) TurboTax has a
very good "Forms" mode. Or at least they did the last time I looked at the
program 2 years ago,
and it was selling for about $20 on Amazon.
You were right the desktop version of Turbotax has a great forms mode that
makes entry from 1099 forms easy.

The one feature I would like that Turbotax doesn't have is the ability to
enter just the total sales and total cost basis across *all 1099-B*
transactions for a given broker. For planning purposes, I don't need to
enter 30 transactions. It would suffice to just enter in the bottom line
numbers.

Does any tax planning software have a forms mode but also have the ability
to enter just summary information for the 1099-B without requiring data
entry of each individual stock sale?
 
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P

Phil Marti

The one feature I would like that Turbotax doesn't have is the ability to
enter just the total sales and total cost basis across *all 1099-B*
transactions for a given broker. For planning purposes, I don't need to
enter 30 transactions. It would suffice to just enter in the bottom line
numbers.
I'm sure it has some way of entering "various" for the purchase date. You still have to separate between long and short term, but other than that you can just enter totals.

BTW, when doing your real return you can use a broker's statement, if it meets certain requirements, and just enter totals. See the Schedule D instructions.

Phil Marti
VITA/TCE Volunteer
Clarksburg, MD
 
B

Bob Sandler

The one feature I would like that Turbotax doesn't have is the ability to
enter just the total sales and total cost basis across *all 1099-B*
transactions for a given broker. For planning purposes, I don't need to
enter 30 transactions. It would suffice to just enter in the bottom line
numbers.
TurboTax does have that feature. Here's how to do it in
forms mode.
You have to use the Capital Gain (Loss) Transaction
Worksheet, not the Capital Gains (Losses) Speed Entry
Worksheet.
In Part I, on line 1a, click No. (You're just doing an
estimate, not an actual return. Keep it simple.)
On line 2, click box j, "Statement with details attached."
In Part IV, line 12, select Short-term, Long-term, or Both.
In Part X enter the total sales price and total basis on
lines 4 and 5, in the appropriate column(s).

Bob Sandler
 
W

W

Bob Sandler said:
TurboTax does have that feature. Here's how to do it in
forms mode.
You have to use the Capital Gain (Loss) Transaction
Worksheet, not the Capital Gains (Losses) Speed Entry
Worksheet.
In Part I, on line 1a, click No. (You're just doing an
estimate, not an actual return. Keep it simple.)
On line 2, click box j, "Statement with details attached."
In Part IV, line 12, select Short-term, Long-term, or Both.
In Part X enter the total sales price and total basis on
lines 4 and 5, in the appropriate column(s).
I am having problems finding this section in TurboTax.

I go to Personal Income and select the "Explore on My Own" option. Under
the 1099-B sub-entry for sale of stock I press the Start button and I select
the option to "Enter on a Spreadsheet". I don't find any path to a
"Capital Gain (Loss) Transaction Worksheet" that has a Part 1 Line 1a.
 
B

Bob Sandler

The one feature I would like that Turbotax doesn't have is the ability to
I am having problems finding this section in TurboTax.

I go to Personal Income and select the "Explore on My Own" option. Under
the 1099-B sub-entry for sale of stock I press the Start button and I select
the option to "Enter on a Spreadsheet". I don't find any path to a
"Capital Gain (Loss) Transaction Worksheet" that has a Part 1 Line 1a.
The instructions I gave you are for *forms mode*, as I said
in the first line of the instructions, not for the
Step-by-Step interview. In your previous post you talked
about forms mode, so I thought that's what you were using.
To use the Capital Gain (Loss) Transaction Worksheet you
have to open the worksheet in forms mode. (In the list of
forms the title is shortened to Capital Gain Wks.)

You didn't say what level of TurboTax you are using. If you
want to make summary entries using the Step-by-Step
interview, and have TurboTax handle them more or less
automatically, you need either TurboTax Premier or TurboTax
Home & Business.

The spreadsheet entry method does not handle summary
entries. You have to select EasyGuide, not "Enter on a
Spreadsheet."
Then, on the screen that asks for the type of investment
sale, near the bottom of the list, under Other, select
"Attach a statement - broker-reported sales without basis
reported to the IRS." (The "attach a statement" options
don't appear in the lower editions: TurboTax Basic or
Deluxe.) Click Continue.
On the next screen, select Short-Term, Long-Term, or Both.
Then it will display boxes for you to enter the total
proceeds and cost basis.

Bob Sandler
 
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W

W

Bob Sandler said:
The instructions I gave you are for *forms mode*, as I said
in the first line of the instructions, not for the
Step-by-Step interview. In your previous post you talked
about forms mode, so I thought that's what you were using.
To use the Capital Gain (Loss) Transaction Worksheet you
have to open the worksheet in forms mode. (In the list of
forms the title is shortened to Capital Gain Wks.)
Okay, now I follow your original instruction. Part of the problem is that
the forms have slightly different names than you gave. A big related issue
is the "Cap Gains Wks" is a parent category of subforms, and it is not at al
l clear that by double clicking the parent category you actually do get a
form.

Now I have it working and thanks!!
 
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