1099-B

4 replies
78 views

When I enter Sales Sections totals from my 1099-B a few screens later it says:

"How do you plan on submitting your 1099‑B to the IRS?

You'll need to mail a paper copy to the IRS."

Why is this message being displayed? My Fidelity 1099-B says this information is being furnished to the IRS.

1099

Mike9241Answer

Level 15

Poor design by Turbotax. if you use form 8949, to report summary totals under the rules you must submit the details to the IRS even though they already have a copy. To avoid this, summary totals must be entered so they appear on lines 1a and 8a of Schedule D (note there can be no wash sales or other adjustments for the sales to use this method). Unfortunately, importing seems to always create the 8949s. There seems to be no way to have the import go to those lines. For that reason, I skip import and manually enter the info for 1a and 8a

in the search/jump to box type "1099-B" Skip the quotes. Enter something for a name and the form should open.

in bold letters, you should see "Form 8949 Reporting Exception Transactions."

this is where you enter summary proceeds and costs. As previously stated, adjustments are not allowed.

if you want to use this method, you must remove the imported 1099-B. go to the file tab and select remove imported data. make sure to select only the proper form

Mike9241

baldietax

Level 12

did you have wash sales or some other adjustment? when those are put in as part of sales summaries instead of "one by one" it will trigger a need to mail in the 1099-B.

One way to avoid this is by splitting the 1099 into two parts - just the specific sales/lots with wash sales (for example) need to be input at the "one by one" detailed level (with the asset details and acquisition/sale dates etc); the rest can be put in as summary level but you have to calculate the new summary totals excluding whatever was put in at detailed level.

Not a CPA/Expert but this has been my experience with this issue on TT desktop premier version - not sure about TT online version; and I usually manually input my 1099-B's I don't know how import treats this.

tacooshAuthor

Level 2

I also have the Windows desktop version of TT Premier.

Don't have any wash sales or other adjustments. The second answer below offers a different solution which I'll try.

Thanks for replying.

Mike9241

Answer

Level 15

in the search/jump to box type "1099-B" Skip the quotes. Enter something for a name and the form should open.

in bold letters, you should see "Form 8949 Reporting Exception Transactions."

this is where you enter summary proceeds and costs. As previously stated, adjustments are not allowed.

if you want to use this method, you must remove the imported 1099-B. go to the file tab and select remove imported data. make sure to select only the proper form

Mike9241

tacooshAuthor

Level 2

Well that was unnecessarily painful. I tried to go directly to the Schedule D form but then 1a and 8a would not allow any entries. But up near the top of the Schedule D form was a link that went to 8949. Entered the amounts there and it populated 1a and 8a on Schedule D.

Very confusing because going directly to 1099-B in TT, it allows the entry of section totals. However then it generates the message that a paper copy must be filed. Sure looks like a TT bug.

Thanks for the reply.