Instead of manually entering transactions, you enter a summary of the sales categories. If you decide to use the summary method and have some transactions from the 1099-B already entered, then you will delete those entries so they will not be counted twice.
To Delete any entries that would be duplicates::
- Federal
- Wages and Income
- Stocks, Mutual Funds, Bonds, Other
- If you have any entries from the 1099-B, delete them by moving them to the wastebacket.
Your 1099-B should have groupings. For example "Short-term covered" or "Long-term covered".
- Open or continue your return and search for stock sales.
- Select the Jump to link in the search results.
- Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?.
- If you land on Your investment sales summary, select Add more sales.
- On the OK, what type of investments did you sell? screen, select Stocks, Bonds, Mutual Funds, then Continue.
- When asked how you want to enter your 1099-B, select I'll type it myself.
- Answer the questions until you can select Enter sales section totals.
- 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 Continue.
If you summarize the stock sales instead of entering them individually, you may need to mail in a copy of the 1099-B or statement showing the individual transactions with Form 8453. Not required if just Box A sales or Box D sales and there are no adjustments necessary.
TT will prompt when the statement and 8453 needs to be mailed to the IRS.
How to Enter a Large Number of Stock Transactions
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