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Tax Return options overview

Schedule D

You can choose your desired options for Schedule D settings to ensure the export of capital gain and loss transactions per your preferred settings. Follow these steps to configure Schedule D options.
  1. Select
    FileRoom
     >
    Admin
     >
    Tax Return
    .
    Select Admin the TAX RETURN.
  2. Go to the location dropdown and select the office location. The tax return option changes will apply to the selected office location.
    note
    When selecting tax return options, if you don't select an office location, the blank location (first option) settings will be used by default. Any new office location added will inherit the blank location settings.
  3. Go to the
    Schedule D
     section.
    Schedule D section in FileRoom.
  4. The summary information will always be captured regardless of your choices here. You can choose whether to capture transaction details. To skip the details if the number of transactions in the entire return (not just a single statement) exceeds a particular number, enter that number in the
    Enter summary information if there are more than [] transactions
     box. For example, if you enter 
    15
    , summary information will always be captured. If there are 15 or fewer transactions in the whole return, details will be captured too (per the other following selections). If there are more than 15 transactions in the return, only the summaries will be captured.
    Specify a number of transactions.
    note
    • The maximum number you can specify here is
      9999
      .
    • If you never want details and only want the summaries, enter 
      0
      .
  5. The 1st 4 options won't be selectable if you entered
    0
     in the previous step. If you entered a number larger than 
    0
    , continue following these steps.
    note
    You won't be able to mark some of the checkboxes if you enter 0 for the transaction amount. Even if details are to be captured based on the number of transactions in the return, you can choose to skip capturing the details when the cost basis isn't available. Summaries will still be captured. To do this, select the
    Enter summary if cost basis is not available.
     checkbox.
  6. To combine multiple transactions for the same security within a brokerage account into a single transaction when captured, mark the 
    Combine multiple transactions for the same security within a brokerage account into a single transaction
     checkbox.
  7. For outsource binder types, if you want to skip capturing details when the summary information isn't provided, mark the 
    If summary information is not provided then do not enter the detailed transactions (Outsource only)
     checkbox.
  8. To skip capturing the details of covered transactions if they don't have wash sales, mark the 
    If basis was reported to IRS and there are no adjustments, report in summary of schedule D (lines 1a and 8a) and not on form 8949
     checkbox.
    note
    • This option won't apply if only summary information is captured due to the number of transactions exceeding the specified number.
    • If the brokerage statement includes an Other/Unknown Realized gain/loss statement and if the date sold and date acquired is provided, then OCR will capture detailed transactions. If the date acquired isn't provided but summaries are available, then OCR will capture summary information only. If the date acquired isn't provided but summaries aren't available, details will still be captured. This will override the option selected in the
      Admin
      >
      Tax Return
       >
      Schedule D
      section.
  9. For binders that qualify for summary transactions, you can suppress the "See Attached" text along with its corresponding code for non-covered transactions. To enable this feature, mark the
    Suppress the 'See Attached' text from the transaction description when exporting in summary
     checkbox.
Schedule D
options selected in
Account Admin
will become the default settings for all new binders. However, when creating a new binder, you can select different settings for that particular binder if desired. Settings selected on the
Create New Binder
window override the default settings selected in
Account Admin
.
note
In SPbinder, you can select
Binder Information
 icon Binder Information icon to check which tax return options were applied to the binder when it was created.

This article applies to:

  • Product: SurePrep

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