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Form 1099-B

I'm completing a return with a 1099-B.  I've entered everything into turbo tax as directed, I believe. m I have short term gain/loss with WASH exclusions, and long term gain/loss with WASH exclusions.  I filled out one 1099-B for the long term and one for the short term, including the appropriate fields and codes for the adjustments.  The program instructs me to mail the statement to Austin, along with form 8543.  


Do I need to fill out any other 1099-Bs for the adjustments?

Is the statement I have to mail the 1099-B I received from the broker?

Will this process hold up the refund?

If the stocks were purchased on separate dates, what date do I use for the acquisition date?


2 Replies
Level 13

Form 1099-B

You've obviously told TurboTax that you'd enter you trades in "summary" fashion.  That's why you're being asked to mail in the detail of your trades - the 1099-B will usually suffice - along with Form 8543. 


Using the summary method for entering trades is an obvious time saver for people that make hundreds or thousands of trades during a year, but for most "regular" investors who might make at most a couple of dozen trades during the year, entering each trade individually and then not having to print out Form 8543, make a copy of their 1099-B, find an envelope that will fit all that stuff and then digging out a stamp to mail it makes more sense. 


Did you make hundreds of trades this year?  If you didn't, it might be easier to delete those two trades and enter the detail of your actual trades, or easier yet, simply import those 1099-Bs.


"Do I need to fill out any other 1099-Bs for the adjustments?"


I'm not sure what you're saying here.  One way or the other you have to provide the IRS will all of your trades from all your 1099-Bs.  If you have 1099-Bs from more than one broker then you could enter some of them in "summary" fashion and some "in detail" but you said "a 1099-B", which suggests one 1099-B so I don't understand what "other 1099Bs" you're referring to or how they would play into your wash sale adjustments.


"Is the statement I have to mail the 1099-B I received from the broker?"


That's usually acceptable.


"Will this process hold up the refund?"


I don't really know but my guess is that it wouldn't. 


"If the stocks were purchased on separate dates, what date do I use for the acquisition date?"


I'm lost again.  You, in effect, suggested you had one 1099-B that you reported in summary fashion, splitting the trades between long term and short term.  The 1099-B you'll be sending in should have the acquisition dates off all trades that are "covered."  Does it not?



Level 15

Form 1099-B

You have the option to summarize your transactions by Sales Category.

IRS requires details to be listed on Form 8949,
or on your own forms (e.g. consolidated 1099-B) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.(unless you have attached a PDF of the transactions details to your e-Filed return. TurboTax does not offer this feature).
Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.

As an active investor, be aware that your category Box A 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.
If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form to know how much to subtract. Be sure to NOT check the adjustments box in the summary window.
Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.

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