RobertB4444
Expert Alumni

Retirement tax questions

If you download the 1099-B from the brokerage you lose the option to enter the transactions as a summary.  You need to choose to type it in myself in order to do that.  Downloading the 1099-B forces the system to enter every transaction individually.

 

Even if basis has been reported to the IRS, if the transaction has any adjustments (amount changed due to disallowed wash sale loss is very common) then the transaction goes on the 8949.  Your 1099-B will indicate if there any adjustments.

 

If you summarize transactions the system may still tell you that you have to mail in the 8949.  Sometimes there is, unfortunately, no simple way to deal with the IRS.

 

@vpeppen 

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