Help on entering 1099-B with very many (hundreds) of transactions when Cost or other Basis has been reported to the IRS by the Broker.

[vedegtyar]

Is it absolutely necessary to type nearly 200 transactions for 16 sold mutual funds on Form 8949 or may it be sufficient to report only the summary: Short-Term Covered Total and Long-Term Covered Total if Cost or other Basis has been reported to the IRS by the Broker?  My wife received 24-page 1099-B (which exists only on paper). Online access to her broker account shows no tax forms to download.

My TurboTax Premier is downloaded program. 

[rjs · Accepted solution]

When you posted your question you indicated that you are using TurboTax Online Free Edition. You cannot enter any 1099-B transactions in Free Edition. You will have to either upgrade to TurboTax Online Premier, or use any edition of the CD or download ("desktop") TurboTax software.

In TurboTax Premier, after you enter the name of the brokerage, you will get a screen with two choices: "I'll enter one sale at a time" or "I'll enter a summary for each sales category." Select the second option, and it will then give you boxes to enter the total proceeds and total cost, and select the sale category (short-term covered or long-term covered). After that screen, you will get a screen that asks if you need to enter another sale, meaning totals for another category. You have to enter separate totals for each category. You do not have to enter the individual sales.

[SweetieJean]

OP was asking about Premier in another quesiton.