Retirement tax questions
In TurboTax Online Premium, I am able to generate a long-term capital loss reported as Box E on IRS Schedule D.
The entry is made by a summary entry and requires either a 1099-B on a PDF uploaded into TurboTax Online or a paper copy of a 1099-B which will be mailed to the IRS by snail mail if using TurboTax Desktop.
Do not know the nature of the transaction that you refer to or your TurboTax version. The following example is in TurboTax Online and reports Stocks, Bonds, Mutual Funds.
Your brokerage statement includes a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered, you will enter the summary info instead of each individual transaction. Follow these steps:
- Click on Federal down the left side of the screen.
- Click on Wages & Income down the left side of the screen.
- Scroll down to Investments and Savings and click the down arrow to the right.
- Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- Click Add investments.
- At the screen Let's import your tax info, click Enter a different way.
- Click on Stock, Bonds, Mutual funds. Click Continue.
- At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
- Do these sales include any employee stock, click No.
- Do you have more than three sales on your 1099-B, click No.
- Do these sales include any other types of investments, click No.
- Did you buy every investment listed on your 1099-B, click Yes. Click Continue.
- At the screen Now, choose how to enter your sales, select Sales section totals. Click Continue.
- At the screen Look for your sales on your 1099-B, click Continue.
- At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
- Repeat as necessary by clicking Add another sales total. Click Continue.
- At the screen Now we'll help you upload your 1099-B since the IRS requires a copy, select Browse.
- Download the 1099-B in PDF format from your provider.
- Upload successful, click Continue.
