Can I summarize all my stock sales or must I list each stock individually?

[MarilynG1]

Yes, you can enter Summary Info for Stock Sales. 

Depending on the type of transactions, you may need to mail in Form 8949 with copies of your 1099-Bs after Efiling.

TurboTax will tell you if this is required.

[fanfare]

It is your option to summarize for e-File however,
IRS requires details to be listed on Form 8949,
or on your own 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 those transaction details to the IRS within three business days of IRS accepting your tax return.

Exception: transactions in category A or D without adjustments do not require form 8949. No mailing is necessary.

[lgoodrph]

Relying to-Depending on the type of transactions, you may need to mail in Form 8949 with copies of your 1099-Bs after Efiling.

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I had to summarize my stock transactions this year using Form 8949.  My 1099 showed 4 groupings.  

1.Total short term realized gain/loss transactions showing cost basis was reported to the IRS with Box A checked.

2. Total short term realized gain/loss transactions but cost basis was not reported to the IRS with Box B checked.

3.Total long term realized gain/loss transactions and cost basis is reported to the IRS with Box D checked.

4. Total long term realized gain/loss transactions and cost basis was not reported to the IRS with Box F checked.

You mentioned I need to mail in copies of my 1099B to the IRS after Efiling.  My 1099 is almost 600 pages long.  Does the IRS really want me to print out the 600 pages of detailed transactions and mail them in?

[DawnC]

They will accept 600 pages if that is all you have.  @lgoodrph    If you're e-filing, you only need to mail the IRS a copy of your 8949 (along with Form 8453) if you entered sales section totals (summary) for one or more sales categories (instead of each individual sale) and one of the following is true:

• The sales category for one or more summaries is something other than box A (short-term covered) or box D (long-term covered), or
• The box A or box D summary includes adjustments (typically listed in boxes 1f or 1g on your broker statement)

In lieu of Form 8949, you can substitute copies of your year-end broker statements that show the individual transactions. You don't need to include unadjusted Box A or Box D transactions.

Do I need to mail Form 8949?

[lgoodrph2]

Thanks for the reply.  I do have a summary page in my Charles Schwab 1099B.  It is a 1 page document that summarizes both short and long term gain/losses with some codes (see below).  So I do have an adjustment code on 3 out of 4 reports on form 8949.

Reported on form 8949

1.Short Term gain basis reported to IRS  (Box A Checked) with sale adjustment code (MW)

2.Short term gain (Box B checked) basis not report to IRS with sale adjustment code (M)

3. Long term gain/loss (Box D checked) basis was reported to IRS with sale adjustment code (MW)

4. Long term gain/loss (Box F checked) with sale adjustment code (MW)

Can I simply mail in the Summary page which is the detail I supplied in TurboTax to create form 8949?

I hope I explained this correctly.

[DaveF1006]

Yes, if you did summarize your transactions and indicated that you reported summary totals in Turbo Tax, you can efile your return.  Turbo Tax will then issue a form 8453 which will instruct you to mail the 8453 with the Summary Page from your 1099B.  Turbo Tax will give you the complete mailing instructions for the 8453 plus the summary details that you will mail in.

@lgoodrph2