Filing 1041 - Do you need to submit 1099-B to IRS when e-filing

[colombo01]

Hi,

I'm filing a 1041 for a trust and would like to e-file the return.  The income for the trust is investments and when I go to the income section TurboTax Business asks if I want to provide summarized information from my 1099-B.  I said yes and entered the summarized information.  The instructions say that I will need to attach the 1099-B statement later and they would walk me through that.  However there is no place to attach the 1099-B statement.  I searched on these forums and talked with a TurboTax representative and confirmed there is no way to attach the 1099-B statement.  The representative mentioned something about a different version having that ability.

Is it a requirement to provide the 1099-B statement to the IRS when filing?  If it is then I would conclude I am unable to e-file with TurboTax.  The only other option I see is typing all the individual investments in....which I'm not a huge fan of.

Any feedback/suggestions is welcomed.

Thanks!

Josh

[mtp79]

I type in the sales of the non-covered investments, and I also type in the sales of the covered investments that have adjustments (wash sales or market discount).  The rest of the covered sales I enter as totals on Schedule D Lines 1a and 8a.  I've never attached the 1099-B to my returns.

[JillS56 · Accepted solution]

You cannot add a scanned attachment in TurboTax Business with the exception of your 8453-FE. However, if you have PDF software that is capable of combining documents, you can combine your 1099-B with your 8453-FE (although there is no guarantee that the IRS will process both documents).

Yes it is required to provide the 1099-B statement with your tax return if you only  enter the summary.  

Yes you are correct, you will not be able to e-file your 1041 unless you want to type in the individual transactions from the 1099-B.

@colombo01

[colombo01]

@JillS56 

Thank you for the reply and confirming I need to provide the 1099-B or type all the entries in.  That's an interesting thought about combining the 1099-B with the 8453-FE, but I probably won't want to risk the IRS not processing both documents correctly.

I will probably just print out and mail in the return vs. typing everything in.

Thanks again for the feedback!

Josh

[mb1031]

I need to attach my 1099B as well. For the cost of the TTax program it is crazy that it won’t attach a 1099B.

Thanks for your help.