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BrownDRS
Returning Member

have more than 4000 sales. remove some of the sales. Need step by step please to fix in APP.

Schedule D: Line 16 does not include capital asset sales because you have exceeded the maximum number of sales supported for individual reporting. Since you have more than 4000 sales, you will need to remove some of the sales with additional requirements (for example, noncovered or wash sale transactions). They can be replaced by entering a summary and attaching a statement to your return with the individual sale details.

 

Not sure what to remove. All these are short term. held under 30 days. Can't seem to find how to fix. I was all set to Efile and last minute it stopped me given me this issue. I still don't know how to see how many I'm over.

 

entering a summary and attaching a statement to your return with the individual sale details.

how to enter the summary and on what form?

 

Any help would be greatly appreciated.

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3 Replies
JamesG1
Expert Alumni

have more than 4000 sales. remove some of the sales. Need step by step please to fix in APP.

You may enter the summary information instead of each individual transaction.  

 

In TurboTax Premium Online, create a .PDF of the IRS form 1099-B to upload into the software.  Follow these steps.       

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Wages & Income.
  3. Click the down arrow to the right of Investments and Savings.
  4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
  5. Click Add investments.
  6. On the Let's import your tax info screen, select Enter a different way.
  7. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
  8. At the screen Which bank or brokerage, enter the information.  Click Continue.
  9. Do these sales include any employee stock, enter No.
  10. Do you have more than three sales, enter Yes.
  11. Do these sales include any other types of investments, enter No.
  12. Did you buy every investment listed, enter Yes.  Continue.
  13. On the screen Now, choose how to enter your sales, select Sales section totals.  Select Continue.
  14. At the screen Look for your sales on your 1099-B, select Continue.
  15. You will now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your IRS form 1099-BIRS form 8949 and / or Schedule D Capital Gains and Losses for the amounts and category. When finished, select Continue
  16. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
  17. When completed, close the record and click Continue.
  18.  At the screen Now, we'll help you upload your 1099-B since the IRS requires a copy, browse and select your document.  Select Continue.
  19. When you upload your document, your filing instructions will not show that anything needs to be mailed in, and no IRS form 8453 will be generated.

 

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BrownDRS
Returning Member

have more than 4000 sales. remove some of the sales. Need step by step please to fix in APP.

When I got a call from Turbo Tax help line,  I was told it was unlimited sales entries. Then was told up to 10000 in Turbo Tax Premier per broker, so I upgraded. Still have an issue. I have a total of about 5500. I also have problems with my screen going blank. It just sits like that. It goes back and starts over as if I never entered any data.

 

I also noticed when doing a entry for broker it would say you have over 1000 entries and it was only 65. Seems to be an issues of it reading what it is doing.

 

Does anyone have a video link of how to do this summary please. Thanks again for the help in advance.

have more than 4000 sales. remove some of the sales. Need step by step please to fix in APP.

IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

 

Regarding stock and options, for Box A and Box D, only wash sales or other adjusted transactions have to be itemized on Form 8949.

The other transactions without adjustments can be aggregated. Report the sub-totals of cost and proceeds for those transactions on Schedule D Line 1a or Line 8a respectively.

If you have no wash sales, there will be no form 8949, No attachment is necessary. No mailing is necessary
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The correct solution is to use aggregation aka enter a summary.
TurboTax Online will ask you for a PDF copy of your consolidated 1099-B,so no mailing is necessary.

Otherwise, mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.
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Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.

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There is no exception for the other box categories.

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