Hi,
I was able to import 1099-Misc from TDAmeritrade in TurboTax federal. the amount was imported correctly but for individual stocks it is asking to enter dates. Does anyone know if there is a way to not enter manually. unfortunately I have a large number of these entries. I guess I made rookie mistake by selling and buying without knowing the tax implications. on top of paying taxes I have to enter a large number of entries. thanks
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look again at your document you will see it is a 1099-B, not 1099-MISC.
At tax time, you have the option to summarize your transactions by Sales Category.
IRS requires details to be listed on a Form 8949,
or on your other 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.
If you don't have a 1099-B from coin base (crypto) your sales category is C or F.
There is no exception for these categories.
---
As an active investor, or rookie, 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.
--
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 (Line 2) 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.
a 1099-MISC normally should not be reporting stock trades. They are usually reported on 1099-B
however, if you are a trader the broker might use 1099-MISC because those trades get reported on form 4797 not form 8949 or schedule D. the broker should have furnished detail as to what is on the 1099-MISC.
look again at your document you will see it is a 1099-B, not 1099-MISC.
At tax time, you have the option to summarize your transactions by Sales Category.
IRS requires details to be listed on a Form 8949,
or on your other 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.
If you don't have a 1099-B from coin base (crypto) your sales category is C or F.
There is no exception for these categories.
---
As an active investor, or rookie, 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.
--
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 (Line 2) 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.
thanks for your response. I am using 1099-B but after importing it says there are 10 entries with error. does anyone know how to get the paid live Turbotax support.
Just click the option in the top right corner of the screen for Live Tax Advice and then upgrade to Live.
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