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For form 1099-B, will i have to manually input every single stock sale/buy? says that it would do it all automatically or at least a place to upload the tax form for it.

 
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3 Replies
RayW7
Expert Alumni

For form 1099-B, will i have to manually input every single stock sale/buy? says that it would do it all automatically or at least a place to upload the tax form for it.

If you upload your 1099 Composite from your financial institution all the stock transactions are typically entered for you.

 

You can securely import your 1099-B, 1099-DIV, 1099-INT, 1099-OID, or 1099-R into TurboTax, provided your broker or financial institution participates in our TurboTax Partner program.

When you get to the place in TurboTax where we ask if you received that form, answer Yes and we'll give you the option to import.

You can also jump straight to the section for your specific 1099 form. Here's how:

  1. Sign in to TurboTax and open or continue your return. 
  2. Search for 1099-B and select the Jump to link in the search results.
  3. Follow the screens and you’ll be able to import your form.

 

If you have an issue uploading then you can just enter the summary statements-

 

You can enter totals on your 8949, then mail a copy of your statements within 3 days of filing.

To enter a stock sale in Turbo Tax: 

  1. Go to Income. 

  2. Select I'll choose what I work on. 

  3. Go down to Investment Income. 

  4. Click Start or Update by Stocks, Mutual Funds, Bonds, Other. 

  5. Select the broker and choose I'll type it in myself.

  6. On the Tell us about...screen, select I'll enter a summary for each sales category.

You won't have to put the dates of each sale.

Address them to (with Form 8453 as a cover sheet): 

Internal Revenue Service 

Attn:  Shipping and Receiving 0254 

Receipt and Control Branch 

Austin, TX 73344-0254  

If you're paper filing a 1040, find your state here. 

 

Tip: Be sure to select the right financial institution or brokerage from the list. For example, several participating partners' names start with First National Bank and if you select the wrong First National Bank, you won't be able to import.

 

-follow this link for more information-

What is Form 1099-B: Proceeds from Broker ... - TurboTax

For form 1099-B, will i have to manually input every single stock sale/buy? says that it would do it all automatically or at least a place to upload the tax form for it.

if the broker partners with Turbotax the trades can be imported but you are responsible for reviewing the import to make sure the info imported correctly. 

 

how many trades Turbotax can handle has a limit.  also trades code as A (short-term proceeds and basis reported to IRS) or D (the same as A but for long-term trades) are detailed one by one. Turbotax does not group them as is allowed by the IRS (except trades coded A or D that have adjustments to cost such as market value or wash sale)

 

there is a place on the 1099-B wks to enter qualifying types A and D as totals they will not flow to form 8949 as allowed by the IRS  

but then the details of these trades can't be imported because you'll end up double reporting them. 

For form 1099-B, will i have to manually input every single stock sale/buy? says that it would do it all automatically or at least a place to upload the tax form for it.

At tax time, you have the option to summarize your activity by Sales Category.

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.

Category A and D are the covered transactions.


If you summarize (recommended),

you only need to supply PDF of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.

in other words, for active investors, generally this is a list of the Wash Sales.

--
If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)

 

If you were wise enough to avoid wash sales, you won't have to list or mail anything.

 
 
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