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How do I report stock sales if I didn't get a 1099b?
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A 1099-Bit is not required to enter the stock sale and associated capital gains. Use the instructions in the link below and when asked if you received a 1099-B, answer NO.
Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities. Here's where you enter or import your 1099-B (even if you did not get one) in TurboTax:
- Open (continue) your return if it isn't already open.
- In TurboTax, search for 1099-B and then 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 see Here's the info we have for these investment sales, select Add More Sales.
- Answer NO to Did you get a 1099-B or brokerage statement for these sales? Or answer YES if you want to try to import it.
- Follow the instructions.
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I live abroad, and my local broker does not issue form 1099-B. Therefore, I do not have a 1099-B. In order to file my stock gain/loss without form 1099-B, I followed the steps above. Yet I did not see the question in step 4 (Did you get a 1099-B or brokerage statement for these sales? ). I was still required to upload a 1099-B PDF which I do not have.
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You can upload the worksheet as a pdf that you have kept for your own records that contains the transactions that would normally be reported on 1099-B.
You can even attach a note to that worksheet why you did not receive a 1099-B.
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I did not receive a 1099-B from an international broker as well. TurboTax only gives me the option to "Upload a 1099-B PDF" or "Mail a 1099-B copy".
I do have a full Account Statement Summary that shows my Profit/Loss for each day with everything summed up in the end. Can/should I submit this as a substitute to a 1099?
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You can either enter each stock transaction separately, or enter a summary for each category (short-term covered, long-term covered, etc.)
If you want to enter summaries for the different categories, you can submit the Account Statement Summary as a substitute for the 1099-B.
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Yes, the stock sales will be reported on Form 8949. @dSF2
Form 8949 (Sales and Other Dispositions of Capital Assets) records the details of your capital asset (investment) sales or exchanges. Part I of the 8949 shows the short-term sales (held less than a year) and Part II has the long-term sales.
When you enter investment sales or exchanges in TurboTax, we'll automatically fill out Form 8949 and transfer the info to Schedule D. You don't need to fill out the 8949 yourself.
Most taxpayers don't need to mail in their 8949s either (unless they're paper-filing, in which case it gets included along with all their other tax forms). If you're e-filing, you only need to mail copies of your 8949 along with Form 8453 if:
- You entered a summary for one or more sales categories (instead of each individual sale); AND
- The sales category for one or more summaries is something other than Box A (short-term covered) or Box D (long-term covered); or
- The Box A and/or Box D summary includes adjustments (typically listed in boxes 1f or 1g on your broker statement).
Otherwise, if you entered each individual sale, or you entered summaries for Boxes A and/or D with no adjustments, don't mail in your 8949. TurboTax will let you know if you need to mail anything to the IRS. If you're required to mail in forms 8949 and 8453, do so within 3 days after the IRS has accepted your e-file. Here's the mailing address:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
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This is super helpful, thank you very much! In my scenario, I've selected "Short-term did not receive 1099-B" form and indicated a single total amount of Proceeds and Cost basis and will be submitting my detailed broker account summary instead of a 1099-B.
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Another question came up - I have an Account Summary (shows cumulative P/L for each day) and a Trade Summary (shows exact stocks and entry/exits for each trade with P/L).
Do/should I submit both Account and Trade Summaries, or does the Account Summary suffice?
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The account summary will suffice. The IRS just needs a legal form to compare to.
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I am in the same situation. what did you do for the filing? thanks @ariel6
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I followed your instruction but I did not see the question in step 4 (Did you get a 1099-B or brokerage statement for these sales? ). I use the web version. Could you please kindly let me know what to do with this situation? Thanks. @RayW7
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@Idkwiam wrote:
I am in the same situation. what did you do for the filing? thanks @ariel6
You are asking for a reply from a user that posted over 8 months ago, doubtful that they will ever respond on this forum.
To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Under Investment Income
- On Stocks, Mutual Funds, Bonds, Other, click the start or update button
Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales
On the screen Did you sell stocks, mutual funds, bonds, or other investments in 2020? click on Yes
On the screen OK, what type of investments did you sell? click on Other and then on Continue
Continue past the screen Tell us more about this sale
On the screen Now we’ll walk you through entering your sale details, select the type of investment sold in the dropdown on What type of investment did you sell?
Continue with this section until it completes.
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I followed these steps here and attached an account summary for that filing year!