How to do summary filing for 1099-B?

If you have many transactions and the import feature is not importing properly, do the following:

 

Delete the imported Form 1099-B and manually enter the information.

 

Enter a summary for each category. When you enter a summary instead of individual trades, the IRS has specific "placeholder" rules for the dates:

 

1. Click on Wages & Income
2. Select Add more income
3. Scroll down to Investments and Savings and click down arrow
4. Select Stock, Crypto...(1099-B...)
5. Select Add investments, Add a different way
6. Select Stock, Bonds, Mutual Funds (1099-B)
7. Enter brokerage information, then Continue
8. In the "Tell us about the sales..." section, then Continue
9. In the "Now choose how to enter your sales", select Sales section totals, Continue

 

Date Acquired: Use the word "VARIOUS"

Date Sold: Use the actual date of the last sale in that category, or simply 12/31/2025 (to represent the end of the tax year)

 

Your Form 1099-B is legally required to group your trades into categories. You will see headers, or sections, on your statement that look like this:

 

• Short-Term Covered: (Box A) Basis was reported to the IRS
• Short-Term Non-Covered: (Box B) Basis was NOT reported to the IRS
• Long-Term Covered: (Box D) Basis was reported to the IRS
• Long-Term Non-Covered: (Box E) Basis was NOT reported to the IRS

 

You only need to make one entry for each category that has totals. If you have all 4 categories, you make 4 entries. If you only have Long-Term and Short-Term "Covered," you only make 2 entries.

 

Note: Because TurboTax sometimes creates separate forms for each section or skips entries entirely if they are in a non-standard format (like a bond sale or an asset with a missing cost basis), it is also important to look for any missing transactions, possibly due to them not being reported to the IRS. For example, 'Non-Covered' securities or employee stock plan sales often get left behind between your broker and the software. 

 

If your summary totals in TurboTax don't match the Grand Totals on the front page of your Form 1099-B, the manual summary method is the safest way to ensure every dollar is accounted for.