From time to time the broker's format is not compatible with TurboTax.
If you only have a few trades you can post them manually.
Income & Expenses
- Scroll to Stocks, Mutual Funds, Bonds, Other
- Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
- On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
- From here, you can import or manually enter your 1099-B.
- Answer the questions about your sales. Choose to Enter sales one by one when asked.
- On the Now, we'll enter one sale on your 1099-B screen, enter your info.
However, if there are more than a few you can quickly enter this manually also.
Your brokerage statements should include a summary of your transactions, grouped by sales category.
There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status. These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.
- Tell us about your 1099-B sales for this account
- Answer the questions
- Since you have more than a few sales, we recommend entering sales section totals
- Continue
- Before entering sales section totals, take a moment to find them on your 1099-B
- Continue
- Now, we'll enter one sales section total on your 1099-B
- Use the drop down menu to select the correct designation.
Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.
Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.
Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).
Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS.
Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.
Box F. Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).
Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.
Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
- Select the Jump to link in the search results.
- Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
- If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
- When asked how you want to enter your 1099-B, select I'll type it in myself.
- Select or enter your brokerage on the next screen and continue.
- On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
- You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.
- When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.
You will have to mail a copy of your 1099-B to the IRS. TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.
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