Severe Error in Turbotax Desktop Premier software: it inputs downloaded 1099B from broker incorrectly, it labels expenses as if they were capital gains. Help

If you are unable to download the 1099-B information from your broker, you may consider reporting summary information.

 

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 will enter the summary info instead of each individual transaction.  Follow these steps. 

 

• Select Federal Taxes across the top.
• Select Wages & Income across the top.
• Select I'll choose what I work on.
• Scroll down to Investment Income.
• Select Start / Update to the right of Stocks, Mutual Funds, Bonds, Other.
• At the screen Did you sell any investments in 2022, select Yes.
• At the screen Did you get a 1099-B or a brokerage statement for these sales, select Yes.
• At the screen Let us enter your investment sale info, select I'll type it in myself.
• At the screen Which bank or brokerage sent you this form, enter the information.  Continue.
• At the screen Tell us about your xx 1099-B, select I'll enter a summary for each sales category.
• Enter the information.

 

The 1099-B or brokerage statement will be mailed to the IRS with form 8453 after the tax return is electronically filed.

 

@frustratedeveryyear1913