Am told to file 8949 see statement, but which 1099 to send

[Anonymous]

After filing turbotax tells me to file 8949, for the 1099B sections.  There was a couple I was able to directly connect to the brokerage, and others I had to manually input as a sum total. When I try to see one a see which 1099 I need to send it on the 8949 for a couple brokerages it says " see attached statement" but I don't see any. Is there anyways to see what I need to send in?

[fanfare]

@Anonymous 

When you choose the "summary option", transaction details are omitted.

IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

Either way, if you choose to summarize only, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return. (unless you have attached a PDF of the transactions details to your e-Filed return. TurboTax Online will ask for it).
Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.

[leeloo]

Include any 1099 for which you entered totals only. You do not need to inlude any 1099s where you entered each sale individually.

[Anonymous]

@fanfare

How do I check If i imported as a summary? when i click on the investment income section and the broker it has all the information listed. but it doesn't seem to list all the transaction when i print out the 1040.

[leeloo]

If it is not itemized on the 1040, it is a summary.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/e[product key r...

[fanfare]

"it doesn't seem to list all the transaction when i print out the 1040."

This is a new undocumented "feature" of TurboTax that is perplexing and confusing.

See reporting exception I mentioned above.

@Anonymous 

[Anonymous]

@leelooWhen i try to click on the link i just get a yellow page

[leeloo]

This is the information from the link:

TurboTax is equipped to handle around 10,000 individual transactions per brokerage account.

If you hit the transaction import limit, you can enter a summary for each sales category.

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.

You'll enter the summary info instead of each individual transaction.

So, if you entered the stock sales one by one, you have no need for that 1099-B t be sent to the IRS. If there are any trades that were summarized according to the sales category, you will need to send the form.

[monstera]

@fanfare I didn't choose to summarize - this is what TurboTax (Deluxe, Mac/PC edition) told me to do.

when I connected it to my robinhood account, it gave some sort of an error. I have short term gain (B) showing on my 1099-B.

Can I somehow e-file everything? I am okay "not summarizing"

[fanfare]

review my post above dated 06-12-2022 4:35 AM

which tells you the options you have for detail reporting .

if you have all the required details on your e-Filed tax return there is nothing more to do.

I can't comment on how Robinhood and TurboTax interact to "simplify" your life

@monstera 

[monstera]

@fanfare Thanks. My question above was actually a reply to that post.

what fixed my issues was the TurboTax software update. After the update the system was able to upload my Robinhood 1099-B successfully and generated detailed transaction records on form 8949 instead of a summary.

I no longer need to mail anything

[monstera]

@fanfare I believe that the issue stems from the same - three years later, and TurboTax is still having issues connecting and uploading documents from Robinhood

Hence - just as the post author states - it prompted me to manually enter summary of my sales, and is making me file the details by mail. 

[MarilynG1]

Yes, you can manually enter your transactions one by one so you can Efile, if you weren't able to import them.

Delete your summary entries if you want to do this.

@monstera