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Investors & landlords
You can enter summary transactions into your Turbo Tax program that will reduce the number of entries made Here is a step by step instruction on how to report summary transactions in Turbo Tax found in this link.
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 or continue 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. if you use Turbo Tax online, you will go to federal>wages and income>investment income>show more
- Stocks, Mutual Funds, Bonds, Other (1099-B)
- Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
- If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
- 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...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
- 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
- Once you are done, you will be able to efile your return but it will give you instructions to mail in a copy of your 1099-B to the IRS. Turbo Tax will provide you with complete mailing instructions.
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‎February 7, 2021
5:54 PM