DianeW777
Expert Alumni

Retirement tax questions

The only time the IRS wants detailed backup is when summaries are used.  This is not in reference to the information on the Forms 1099-B.  The information on Forms 1099-B is the detail required by the IRS.

 

Many times, because there are several transactions then it's advisable to enter summary totals based on long term or short term holding periods. In these cases you must mail form 8949 and the 1099-B to the IRS so they can relate your entries to the income you received as reported by the broker.

 

A detail entry doesn't require anything to be mailed to the IRS, sometimes it just not preventable depending on restrictions. Whether the dollar amounts are in excess of fields available as an example.  Keep in mind that the IRS dictates the field requirements for e-file.

 

When summaries are used TurboTax will let you know what you must mail within three days of IRS acknowledgement of your return.

 

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