Is This A Valid Work Around for the $10,000,000 Limitation of Turbotax?

[Cyrix]

There is a limit of $10,000,000 I can input into investment proceeds and costs in Turbotax.

I found someone online mentioning this workaround (I don't know if I should share links here so I am attaching the screenshot).

The tax will be the same.

Will IRS have problem with this method?

Thanks.

 

[Overnight]

There is a limit of $10,000,000 I can input into investment proceeds and costs in Turbotax.

I found someone online mentioning this workaround (I don't know if I should share links here so I am attaching the screenshot).

The tax will be the same.

Will IRS have problem with this method?

Thanks.

With that much money, considering going to a CPA.

 

[Butterfly]

holly shit, are you too cheap to get a real CPA or accounting package if you have more than 10M? LOL

 

[Cyrix]

No, the large numbers of proceeds and cost basis on 1099 are because of the high frequencies of trades, not the account size.

 

[athlonmank8]

holly shit, are you too cheap to get a real CPA or accounting package if you have more than 10M? LOL

Did you even read his post? How does doing 10M in trades relate to account size?

 

[jys78]

No, the large numbers of proceeds and cost basis on 1099 are because of the high frequencies of trades, not the account size.

If anything, the evidence would seem to suggest increased trade frequency may correlate with decreased account size

 

[newwurldmn]

There are people on here who have cost basis’ of 10mm for certain positions PA

 

[ph1l]

There is a limit of $10,000,000 I can input into investment proceeds and costs in Turbotax.

Possible solution?
https://ttlc.intuit.com/community/i...ept-the-numbers-for-shares-and-net/00/161745#

Entering information on sale of stock turbotax will not accept the numbers for shares and net proceeds, claiming numbers are too large. What should I do?
To get around this, break the transaction down into two or three equal transactions with identical information.

 

[Cyrix]

Thanks guys.

 

[gkishot]

holly shit, are you too cheap to get a real CPA or accounting package if you have more than 10M? LOL

10M in sales, not the OP's net worth. All "real" CPAs use some kind of tax reporting software.