DianeW777
Expert Alumni

Get your taxes done using TurboTax

No, it's not an error.  The Form 1099-B is sometimes very complex and not as straight forward as a Form 1099-DIV or Form 1099-INT.  There are several options to enter your information for investment sales if you cannot import directly from a TurboTax Partner.

 

Keep in mind

Wash sales cannot be combined into section totals.  They should be entered individually so that you can track your cost basis and know when you are allowed to use the information on a final sale.

 

The steps to enter a summary of your sales transactions is provided below.

 

  1. Open or continue your return (if it's not already open) and search (upper right) for the phrase stock sales > Press enter
  2. Select Jump to stock sales > Click on Add investments > Continue on the 'Get ready to be impressed' screen > Continue
  3. Select Enter a different way > Select Stocks, Bonds, Mutual Funds, et, > Continue 
  4. Enter your financial agency information > Continue 
  5. Answer the questions asked > Continue to Now, Choose how to enter your sales
  6. Select Sales section totals > Review the information on the next screen > select Continue.
  7. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category (Long or Short term, covered or noncovered). 
  8. Refer to your 1099-B for the amounts and category. When finished, select Continue.
  9. When you are done-- Next, select how you plan to submit your 1099-B > Continue       
  10. You will return to Your investments and savings list for review or edit > Confirm at the bottom
  11. Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

 

If you are e-filing your tax return, then mail your statements (1099-Bs or other document showing detailed sales information) along with Form 8453 to: 

 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

 

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet)

 

Note: Any sales summaries that include only box A or box D sales, and which have no adjustments to gain/loss, don't need to be included on a statement mailed to the IRS. If this is all you have, then you do not need to mail anything to the IRS.

 

@snipely 

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