I have several managed and self-managed security accounts each of which have sent me short and long term capital gain/loss summaries on their 1099-B reports.
Yes, you may enter a summary in lieu of individual transactions. The IRS will want to see the individual trades so you'll have to send them in with Form 8453 within three days of e-filing. If you are mailing your tax return, you'll just enclose them with your tax return. TurboTax will generate Form 8453 when you select that you want to use the summary method for your 1099-B transactions.
Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered". You'll enter the summary info instead of each individual transaction.
When you are done entering all your sales transactions, you'll eventually come to the Here's the investment sales info we have so far screen where you can edit, delete, or enter more sales.
Yes, you may enter a summary in lieu of individual transactions. The IRS will want to see the individual trades so you'll have to send them in with Form 8453 within three days of e-filing. If you are mailing your tax return, you'll just enclose them with your tax return. TurboTax will generate Form 8453 when you select that you want to use the summary method for your 1099-B transactions.
Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered". You'll enter the summary info instead of each individual transaction.
When you are done entering all your sales transactions, you'll eventually come to the Here's the investment sales info we have so far screen where you can edit, delete, or enter more sales.
with exception for sales category A or D with no adjustments. IRS requires sales to be itemized.
If you are using a broker on the Financial Partner list. Import your transactions and you will be done,
after checking to see that everything is in agreement with your paperwork.