1099b vs 8949?

[kevin19801980]

I received a 1099b for stock trades in 2019. For some reason turbotax will not import the file from the broker. i had well over 100 trades last year.

The 1099 b gives me a total of all my long and short terms gains.

As well as each transaction.

Do i have to enter each action seperatly?

Or can i just submit the totals for the long and short term gains?

Where do/can i enter the totals if that is possible?

help is appreciated 

[fanfare]

If you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your tax return.
Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.

As an active investor, be aware that your category Box A sales without adjustments do not require Form 8949, so there is no reason to import those transactions.
instead use the "enter a summary" option to put your numbers on Schedule D Line 1a.
--
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 to know how much to subtract. Be sure to NOT check the adjustments box in the summary window. TurboTax won't ask you about wash sales if you don't check the box.

[GiseleD]

According to the instructions for Form 8949 (PDF, pg. 2), you must enter the details of each transaction on a separate row (this means separate line items), unless one of the Exceptions to reporting each transaction on a separate row applies to you:

Exception 2 (pg. 3 of PDF): Instead of reporting each of your transactions on a separate row of Part I or II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (that is, description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked.

Don't enter “Available upon request” and summary totals in lieu of reporting the details of each transaction on Part I or II or attached statements.

As long as your 1099-B contains all the information that is in italics above, you can attach that as a statement. However, you will need to print and mail your return. The instructions mention an attached statement, and if your statement does not accompany your return, then it is not attached. 

@kevin19801980

[fanfare]

Alternatively, if entry of Wash Sales is too tedious,

summarize and check the box for adjustments and enter the disallowed amount.

The summary will go on Schedule D 1b.

You will be making the mail-in election.

[poman1972]

Hi fanfare....can you tell me how you get to elect the "Summary Option" on schedule D Line 1a...in order to summarize and add up all the "like" transactions that it calls for short term basis reported.....line 8b long term basis reported as well....I don't see Turbo Tax offering that option  during the interview process and I can't seem to override it manually on the schedule D form itself...sure would nice to summarize since I have many many transactions.

Thanks

[Critter-3]

How to enter a summary in lieu of individual 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.

1. Open your return in TurboTax Online (if it's not already open) and search for stock sales in the upper-right corner.
2. Click or tap the "Jump to" link in the search results.
3. Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
   • If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
4. On the Choose Your Bank or Brokerage import screen, select I'll type it in myself.
5. Select or enter your brokerage on the next screen and continue.
6. On the following screen (Tell us about...) select the second option, I'll enter a summary.
7. On the same screen, 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 Done.
8. Follow the onscreen instructions to enter additional sales or to view a summary.

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. Here you can edit, delete, or enter more sales.

[poman1972]

ooops correction fanfare...I meant Schedule D line 8a...not Line 8b in my prior memo to you...to summarize long term basis reported.

[Critter-3]

Just post the instructions ... you do NOT use the FORMS mode. 

[poman1972]

Thank you Critter....