dana-craig1,
I certainly hope the tax expert's reply gets you through the hurdle for I certainly feel your pain.
You may not be aware, but the IRS allows and even encourages reporting the bottom line totals of the various stock and bond sections of a 1099-B. This is allowed according to IRS Instructions for Form 8949 () when:
" Exception 1. Form 8949 isn't required for certain transactions. You may be able to aggregate those transactions and report them directly on either line 1a (for short-term transactions) or line 8a (for
long-term transactions) of Schedule D. This option applies only to transactions (other than sales of collectibles) for which:
• You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g;
• The Ordinary box in box 2 isn’t checked;
• You don't need to make any adjustments to the basis or type of gain or (loss) reported on Form 1099-B (or
substitute statement), or to your gain or (loss); and
• You aren’t electing to defer income due to an investment in a QOF and aren’t terminating deferral from an investment in a QOF.
If you choose to report these transactions directly on Schedule D, you don't need to include them on Form 8949 and don't need to attach a statement. For more information, see the Schedule D instructions."
We did this frequently last year when assisting taxpayers through the free IRS Volunteer Income Tax Assistance (VITA) program.
In my case this year I got a 185 page 1099 from my bank/broker managed account and it wasn't an option to import or summarize on Schedule D. I worked around it by downloading the PDF 1099 and using copy-paste into an Excel spreadsheet so that I could add up all the little dividend reinvestment purchases and report them with a purchase date of VARIOUS and the appropriate holding period and basis report.
Good luck!
