The IRS lets you report your investment sale individually, or by category total. If you want to report your category totals instead of the individual sales, you will have to delete the imports and enter the summary totals manually.
To enter your category summary totals in TurboTax Desktop:
- Click on Search and type in "Form 1099-B"
- Click on "Jump to 1099b"
- Answer Yes to "Did you sell any investments in 2020?"
- Answer Yes to "Did you get a 1099-B form or brokerage statement for these sales? "
- For "How do you want to enter your Form 1099-B …" indicate "I'll type it in myself"
- Select your brokerage
- On the "Tell us about your …. 1099-B" indicate "I'll enter a summary total for each sales category"
- Fill in the proceeds, cost basis and Sale category.
- Be sure to click on "Mailing Instructions"
Mailing Instructions
Take a moment to double-check that your statements are complete. For each sale listed, there should be:
- A Description
- Date Acquired
- Date Sold
- Sales Price
- Cost Basis
- Gain or loss for each sale
- A sale category based on how the sale was reported to you and the IRS
In some uncommon cases, there will be an adjustment code and adjustment amount.
NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.
Here's how to mail your statements:
If you are e-filing your tax return, then mail your statements along with Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.
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