Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
david-geller
New Member

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

 
1 Best answer

Accepted Solutions
GeoffreyG
New Member

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

The solution to your issue will be to "consolidate" your stock transactions into "blocks" of data summaries, such that you only have to manually type-in but a single entry manually, per different tax category (for example, Box A short-term covered, etc.).  When this is done correctly, you'll only have to make a few entries on your tax return -- and in the TurboTax software.

I've attached a series of screen-capture images to the bottom of this answer (simply click the images to open) that should help illustrate this principle in visual format.  In addition, there is a link here to a longer answer, recently provided to someone who had a similar question to yours (but in that case it was both a dollar amount net proceeds limitation, and a total number of trades problem).  However, if you read that other answer with an eye to the principle of consolidating data entries, you should obtain some useful information from it, directly applicable to your situation.  In other words, the principles (and solution) are basically the same.

https://ttlc.intuit.com/questions/3655831


Of course, it will take a little math on the part of the user (you) to implement, but this method is tremendously faster than tying to enter hundreds, or sometimes even thousands, of individual trades into any tax software program.  Besides, the IRS is only interested in your net totals (i.e., capital gains or losses, short-term or long-term), and not the individual trades themselves.

If you have further questions, encounter any difficulties, or just want to speak with a live tax expert who can walk you through your TurboTax entries (including the ability to screen-share with your computer), please feel free to contact us.  We would be happy to help you (and as a XXX customer, the call is free to you).  Here is a link where you can create a support ticket and reach us:

https://support.turbotax.intuit.com/contact/

Thank you for asking this question.

View solution in original post

11 Replies
GeoffreyG
New Member

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

The solution to your issue will be to "consolidate" your stock transactions into "blocks" of data summaries, such that you only have to manually type-in but a single entry manually, per different tax category (for example, Box A short-term covered, etc.).  When this is done correctly, you'll only have to make a few entries on your tax return -- and in the TurboTax software.

I've attached a series of screen-capture images to the bottom of this answer (simply click the images to open) that should help illustrate this principle in visual format.  In addition, there is a link here to a longer answer, recently provided to someone who had a similar question to yours (but in that case it was both a dollar amount net proceeds limitation, and a total number of trades problem).  However, if you read that other answer with an eye to the principle of consolidating data entries, you should obtain some useful information from it, directly applicable to your situation.  In other words, the principles (and solution) are basically the same.

https://ttlc.intuit.com/questions/3655831


Of course, it will take a little math on the part of the user (you) to implement, but this method is tremendously faster than tying to enter hundreds, or sometimes even thousands, of individual trades into any tax software program.  Besides, the IRS is only interested in your net totals (i.e., capital gains or losses, short-term or long-term), and not the individual trades themselves.

If you have further questions, encounter any difficulties, or just want to speak with a live tax expert who can walk you through your TurboTax entries (including the ability to screen-share with your computer), please feel free to contact us.  We would be happy to help you (and as a XXX customer, the call is free to you).  Here is a link where you can create a support ticket and reach us:

https://support.turbotax.intuit.com/contact/

Thank you for asking this question.

hkgeller1000
New Member

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

Thank you for this response.  Another option I was reading is that I could enter the Robinhood 1099-B summary page data that consolidates the gross total gains/losses (Box A) and the disallowed wash sales, then efile, print the the entire Robinhood 1099-B, then mail this to the IRS.  This seems to be the simplest solution.
GeoffreyG
New Member

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

Hello hkgeller1000:

Yes, you are correct.  What you describe in another valid option too.  As long as you're comfortable with printing and mailing your brokerage account trading summary to the IRS, that is a proven filing method as well.  In fact, when going through TurboTax Premier (or above) you may even notice that your solution is one of the built-in reporting choices that the software gives you.  The in-program instructions will also help guide you.

Regards, and good luck with your future trading activities.
kiran
Level 3

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

I have 6 brokerage accounts, each with around 600-1000 stock transactions.  I imported 4 of them into TT-online (via online sync), and now my online account hangs in the Stocks/1099-B, saying "Hmm, looks like we hit a slight snag in this section".

 

1) How do i remove some of this imported data, so my online account will lighten up and i can get to this section and enter summary transactions instead? 

2) Will TT-Desktop be able to handle the 6 imports and load of these 1000's of transactions?  If I will run into the same issue, I don't want to buy TT-Download, as all my prior years returns are online.

3) Can i enter the summary trades from each brokerage account separately, so I'll have 6 entries for Short-term Box A sales etc...  (These are reported on my 1099-B, and will be easier than consolidating).

4) I'm using TT-Self-Employed/Home-n-Business.  Where is the option to enter summary transactions?

 

thanks

Kiran

fanfare
Level 15

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

At tax time, you have the option to summarize your transactions by Sales Category.

IRS requires details to be listed on a Form 8949,
or on your other 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 the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.(unless you have attached a PDF of the transactions details to your e-Filed return. TurboTax seems to offer this feature but has not publicized it).
Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.
If you don't have a 1099-B for crypto your sales category is C or F.

There is no exception for these categories.

 

For active stock traders, the bottom line is you only have to mail your wash sale details  to the IRS, given that they are not already listed on your e-Filed  Form 8949

PAGB
Level 4

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

I am having the same issue, thanks for taking the time to write this post.

Unfortunately I can't see the screen shots you mentioned in your post. Is it possible to post them again? 

MarilynG1
Employee Tax Expert

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

@PAGB Click this link for instructions on How to Enter a Summary in Lieu of Individual Transactions.

 

Select 'More than a few sales' on the 'Tell us about your 1099-B sales' screen.

Select '

 

Select 'I'll type it in myself' at the bottom of the page with financial institutions shown. 

 

Select 'Enter Sales Section Totals' on the next screen (screenshot). 

 

 

 

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
PAGB
Level 4

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

@MarilynG1  thank you very much this was helpful will try it out

FrenchTouch
New Member

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?


@fanfare wrote:

unless you have attached a PDF of the transactions details to your e-Filed return. TurboTax seems to offer this feature but has not publicized it).

Where do you find this feature online?

PAGB
Level 4

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

For Turbotax premier

 

In the stocks section, when you have too many trades and turbotax won't download your 1099-B you instead enter your sales section totals, after you've done this it will prompt you to attach a pdf file as supporting documentation (the IRS actually allows pdf file attachments of 8949).

fanfare
Level 15

What do I do if I have way too many stock transactions with Robinhood to manually record in my taxes?

@rjs

See above.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v