Sold stock for the first time and the 1099-B breaks down the sale into about 30 segments - do I have to report each one of these in order to get the profits and loss for the total? If I report just the total figure on the 1099, I believe I will miss out on which stocks were sold at a loss. Does Turbotax allow me to input this many stock sales with only one 1099?
As you might tell, I'm not looking forward to this.
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When you say segments, I believe you mean that you made about 30 trades. You really need to input each one. I hope the broker has given you all the information you need. Each trade could or might be a little different. The dates bought and sold on each will determine short or long term. The broker will also tell you if the cost data was or was not report to the IRS. The is represented by the Yes and No designations.Put each one in and take your time. When done, the TT software will put all of the trades in the correct schedule.I know it looks difficult the first time, but once you work through it, it won't seem too bad. Yes TT allows you to input a lot more than you have.
When you say segments, I believe you mean that you made about 30 trades. You really need to input each one. I hope the broker has given you all the information you need. Each trade could or might be a little different. The dates bought and sold on each will determine short or long term. The broker will also tell you if the cost data was or was not report to the IRS. The is represented by the Yes and No designations.Put each one in and take your time. When done, the TT software will put all of the trades in the correct schedule.I know it looks difficult the first time, but once you work through it, it won't seem too bad. Yes TT allows you to input a lot more than you have.
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