TurboTax Desktop will only handle about 2000 stock transactions. Instead, you can enter summary totals. If any of your summary totals are greater than $10 million, you will have to use a work around. You will have to split that summary into more than one transaction. For instance, if your Short Term Non-Covered transactions total $12,000,000 you will need to split it in to three summaries of $4,000,000 each.
How to enter a summary in lieu of individual transactions
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.
- Open your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
- Select the Jump to link in the search results.
- Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
- If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
- When asked how you want to enter your 1099-B, select I'll type it in myself.
- Select or enter your brokerage on the next screen and continue.
- On the following screen (Tell us about...) select the second option, I'll enter a summary.
- On the same screen, you'll now be able to enter the total proceeds
(sales) and cost basis, along with the sales category. Refer to your
1099-B for the amounts and category. When finished, select Done.
- Follow the onscreen instructions to enter additional sales or to view a summary.
