1099-B Entries

[KK0408]

Turbo Tax imported all of my 1099 Forms.    It is requesting that I "review" a few line times for 1099-B items.     

One of the line items imported shows values that do not match my 1099-B -----  in the  corresponding 1099-B there are six values that are summarized (and the summary does not match what Turbo Tax imported).      Can I update the imported values\ to match the summarized values in my 1099-B (they each have different purchase and sell dates)?    Or do I have to enter each of the six items?      ALSO, Turbo Tax imported two line items for one stock ---- but, I can only find one line item for the stock in my 1099-B.      I am unable to delete the second item that Turbo Tax imported.     Is there an option to do so?   Thank you

[DavidD66]

It sounds like there are errors with your 1099-B import.  I suggest you delete it and import it again.  If the problem persists, the I recommend you type it in yourself.  

While working in your return:

• In the income section, Select "Investments and Savings...." 
• On the page "Did you have investment income in 2024?"  Answer Yes
• On the page "Let's Import your tax info" click on "Enter a different way"
• Select "Stocks, Bonds, Mutual Funds" on the page with "OK let's start with one investment type"
• When asked "Which bank or brokerage is on our 1099-B?" enter the name of your or broker or mutual fund company, leave the other fields blank. Click Continue
• Answer the next three questions
• Answer Yes to "Did you buy every investment listed...." (unless you inherited or were gifted the funds)
• Select "Sales Section Totals"
• Locate your sales section totals on your 1099-B
• Enter your Investment Sales Section Totals and repeat till you have entered for each category.

After entering all your sales section totals,  Look for "Now we'll help you upload your 1099-B since the IRS requires a copy" and follow the instructions,  or you can mail a paper copy of your 1099-B to the IRS.  If you want to mail, click on "How do I mail my statement".

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

•  - A Description
•  - Date Acquired
•  - Date Sold
•  - Sales Price
•  - Cost Basis
•  - Gain or loss for each sale
•  - A based on how the sale was reported to you and the IRS

 In some uncommon cases, there will be an adjustment code and adjustment amount.

 NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

 Here's how to mail your statements:

 If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254