how do i enter multiple stock sales for a single 1099-b when the number of shares exceed TT limit

[tkbirdie]

I received a single 1099-B from my employer that shows the total proceeds for multiple ISO stock I sold. This is from multiple lots acquired over several years and they are all different sales as the basis and gain are different for each.
In TurboTax (Premiere) when I say I got a 1099-B then it tries to use the TOTAL (from the 1099-B line 1d "proceeds") for EACH sale I enter.  When I walk thru each sale then I get to "Enter Your Sales Information" page it limits the number of shares and I have more than the 99,999 it allows. So my total number of shares is larger than TT will allow and then won’t match my 1099-B
I have used TT each of the years and tracked via the ISO step thru model so the data is there and AMT impacts. Looks like I have to re-enter that data but then I run into the max share problem.
Any thoughts or help would be appreciated.

[ColeenD3]

You have two options.

1) There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses. These include:

1. Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949.
2. Taxpayers can omit transactions from Form 8949 if:
   • they received a Form 1099-B that shows that the cost basis was reported to the IRS, and
   • the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term).

If one of the exceptions apply then the transactions can be summarized into short-term and long-term and reported directly on Schedule D without using Form 8949. If an exception applies you can still voluntarily report your transactions on Form 8949 which might be easier if you have some transactions that meet the exception requirements and some that don't.

2) If you have more than 500 stock transactions with a total sales volume of less than ten million dollars, you can switch to the TurboTax CD/Download software (which handles around 2,000 transactions per brokerage) or enter the transactions on Form 8949 using summary data from your broker statements.

Related Information:

• How do I enter more than 500 stock transactions in TurboTax Online?
• Error: "We notice you have more than 500 financial transactions to import" in TurboTax Online
• How do I switch from TurboTax Online to the TurboTax software?

[tkbirdie]

Thank you for the reply.

I think I need to clarify my question.

I only have 4 transactions that are part of the single 1099B. 

Each of those transactions have different Option Grant dates, different Exercise dates and different strike and price at time of exercise.  All were sold at same price in 2019 which is why I got the 1 1099B for all combined.  I could summarize those into one costs basis, but the issue I have is that if I add all together the number of shares for the total exceeds the number of shares TT allows me to enter.  Ideally I would enter each of the 4 transactions with grant, exercise, strike and price at exercise and sales price at date of sale separately and they would all be under the one 1099B. 

[DavidD66]

Split your one transaction into four separate transactions.  You could also enter as a single transaction and use 1 as the number of shares, then indicate the actual number in the description of the asset.  The IRS is not interested in the number of transactions reported, nor are they interested in the number of shares.  They are primarily interested in $$ amounts for proceeds, and to a lesser extent cost basis.

[bah9681]

Hello Coleen et al, 
Could you address the scenario of having over 10Mil in sales volume AND too many transactions to import into TurboTax.   I have wash sale adjustments so I believe I need to include Form 8949, and may not be able to just do the summary data.. is this correct?  And how do I attach the Form 8949, can I attach a .pdf file of the Form 8949 in TurboTax versus having to print out 1,000 pages and mail in by hand?  

Thanks.

[MD1111]

I've encountered this situation again for 2020 tax reporting, but I no longer see the ability to enter "sales section totals" anywhere in the online tool. Where can I go to report via totals instead of individual transactions (which exceed the automatic upload limit).

UPDATE: While speaking with the support team, the system refreshed and now I am able to enter the sales totals.

[jllatimer]

How do I voluntarily report transactions on Form 8949?

[DianeW777]

It depends.  You will enter your stock sales under investment income and if necessary Form 8949 will also be completed.  It's not always required.

1. n the search box, search for investment sales then click the "Jump to" link in the search results.
2. Answer Yes to the question Did you sell any investments?
   • If you land on the Here's the investment sales we have so far screen, click Add More Sales.
3. Answer Yes or No to the 1099-B question depending on whether you have one.
4. On the next screen, select the type of sale you had (stock, second home, collectible, land etc.) and click Continue.
5. Continue following the onscreen instructions to enter the sale.

You can group transactions together, however the summary may need to be divided into two categories if applicable. You indicated all of your stock was held short term. If this is the case you are allowed to enter one summary.

1. Long term: held more than one year (one year plus one day)
2. Short term: held one year or less

If all Forms 1099-B (or all substitute statements) you received show basis was reported to the IRS and no correction or adjustment is needed, you may not need to file Form 8949. 

• IRS Instructions Form 8949

@jllatimer