Hi,
Turbotax advises to enter summery info of sections instead of each individual transaction when there are a large number of stock sales (the number of sales exceeds Turbotax limits so I have to do this manually),
My first question is:
Is there a limit of how many sales sections I can enter?
Second question:
I have more than one brokerage account, can Turbotax premier calculate the wash sale correctly across multiple accounts?
Thank you very much for your help
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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 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.
