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Six-Strings
Level 2

TurboTax makes me use 1099-B worksheet and enter every transaction even though I meet the IRS criteria to aggregate. How can I enter totals directly on Schedule D?

I have a 1099-B that says that my broker reports cost basis information to the IRS. The instructions for 8949 say that in that case I enter total directly on Schedule D line 1a, but TurboTax will not allow it.

1 Best answer

Accepted Solutions
KittyM
Level 2

TurboTax makes me use 1099-B worksheet and enter every transaction even though I meet the IRS criteria to aggregate. How can I enter totals directly on Schedule D?

To make these entries in TurboTax, you do need to go through the Stocks, Mutual Funds, Bonds, Other interview.  You can use the summary figures from the form 1099-B you received (choose the radio button for "I'll enter a summary for each sales category" to do this), and indicate in TurboTax that you are mailing a copy of the statement to the IRS - TurboTax will then generate a Form 8453, to which a copy of the form must be attached.

To do this in TurboTax, 

  • In your open Federal return, choose Wages & Income
  • Scroll down to Investment Income and Show more
  • Start or Revisit Stocks, Mutual Funds, Bonds, Other
  • Add a sale and answer Yes, you got a brokerage statement. 
  • On the next page "Choose your bank or brokerage," scroll down and select "I'll type it in myself."
  • Enter your brokerage name and Continue
  • on the page "Tell us about your Brokerage 1099-Bchoose the radio button for "I'll enter a summary for each sales category."  (If you need more info at any time, select Learn More.)

This will generate the required Form 8453.  In limited situations, the forms are not required to be mailed.  TurboTax will notify you if this applies in your case.

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3 Replies
KittyM
Level 2

TurboTax makes me use 1099-B worksheet and enter every transaction even though I meet the IRS criteria to aggregate. How can I enter totals directly on Schedule D?

To make these entries in TurboTax, you do need to go through the Stocks, Mutual Funds, Bonds, Other interview.  You can use the summary figures from the form 1099-B you received (choose the radio button for "I'll enter a summary for each sales category" to do this), and indicate in TurboTax that you are mailing a copy of the statement to the IRS - TurboTax will then generate a Form 8453, to which a copy of the form must be attached.

To do this in TurboTax, 

  • In your open Federal return, choose Wages & Income
  • Scroll down to Investment Income and Show more
  • Start or Revisit Stocks, Mutual Funds, Bonds, Other
  • Add a sale and answer Yes, you got a brokerage statement. 
  • On the next page "Choose your bank or brokerage," scroll down and select "I'll type it in myself."
  • Enter your brokerage name and Continue
  • on the page "Tell us about your Brokerage 1099-Bchoose the radio button for "I'll enter a summary for each sales category."  (If you need more info at any time, select Learn More.)

This will generate the required Form 8453.  In limited situations, the forms are not required to be mailed.  TurboTax will notify you if this applies in your case.

Six-Strings
Level 2

TurboTax makes me use 1099-B worksheet and enter every transaction even though I meet the IRS criteria to aggregate. How can I enter totals directly on Schedule D?

Thanks for this great answer. TurboTax should make this more intuitive to do--I always use the Forms mode and this just seemed impossible.
doug e1
Level 1

TurboTax makes me use 1099-B worksheet and enter every transaction even though I meet the IRS criteria to aggregate. How can I enter totals directly on Schedule D?

Why if cost basis is reported and no adjustments are require is turbo tax creating a worksheet, 8949, and indicating see attachments? IRS says you can just report the summary directly, no other forms, no attachment required. When does turbo tax or how does it tell you no attachment is required. Apparently I did something wrong, or it is holding on to settings from prior year.

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