Tax Year Prior to 2020: TT premier has indicated it cannot import over 3000 transactions from my brokerage firm and I cnnot use TT for that reason and ask for refund is therer a way around this

[DavidD66]

Yes, there is a way around this.  Instead of importing all of your transactions, you enter summary totals for each category (e.g. long-term covered, short term covered).   It will require you to mail a copy of your Form 1099-B along with Form 8453 (which TurboTax will generate).  To do this in TurboTax Online:

• Click on Search
• In the Search Window type 1099-B
• Click on Jump to 1099-B
• Click + Add an Account (if the account you were trying to download is showing, delete it first)
• Answer Yes to "Did or will you receive a 1099-B form or brokerage statement for these sales?"
• Click on "I'll type it in myself"
• Answer the questions about employee stock, etc.
• Click on "Let's enter a summary" button and click Continue
• Enter your Investment Sale information and repeat until to you have entered for each category.

After entering all your category summaries, Look for "To finish reporting these sales, follow the mailing instructions" and click on the link for these instructions:

Mailing Instructions

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 sale category 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

If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.

* The questions you are asked by the program may vary depending upon what, if anything, you may have already entered related to investment sales.

[mybank2828]

I have the same problem.  Will TurboTax Home and business be updating this to support over 3000 transactions before the tax due date?

[DavidD66]

Highly unlikely that any such change will be made to TurboTax this year.  See my answer above regarding how you can enter your summary totals instead of importing all of your transactions.

[marvw66]

Thanks for the help

[marvw66]

thanks for the help, however I am using the desktop version of premier and you have mention online version in your reply that QB will generate form 1099b and 8453

will the desktop version also generate these documents or should I copy the brokerage tax form and send to IRS as you have suggested

 Thanks again

 Marv

[VictorW9]

As was just mentioned previously on this thread, enter your transactions from the summary page. No, you don't have to make a copy and send to IRS. All you need to do is to make sure you keep the original documents as part of your tax records and be prepared to answer any questions from the IRS. Don't forget the IRS also have a copy your brokerage documents.

[mybank2828]

Hi VictorW9,

So you are saying to enter the summaries of the short term and Long ter gain and lost.  But we wont have to send the 1099-B transactions to IRA which was mentioned by DavidD66?

Thanks,

Phan

[VictorW9]

Yes, that's exactly what I'm saying. I done a lot of tax returns where I only enter the numbers from the summary page and so long as you entered them correctly as they should, the IRS would never ask any questions. Besides the IRS have copies of the documents anyway.

[fanfare]

@VictorW9  So you say and it sounds logical,  but your rationale is exactly in contradiction of the IRS instructions for Schedule D and Form 8949.

Not to mention your own TurboTax instructions for how to handle this.

[Anonymous]

Whether or not you have to mail in the forms depends.  

If all of your transactions are "covered" and there are no adjustments, then you can enter summaries only and not have to mail in any forms.  

It is unlikely that any software is ever going to import 3000 transactions in a way that makes your life easy - with that many transactions there are going to be too many issues that will require adjustments, etc.   At least not until everyone has sold all positions that fall outside of those the IRS considers "covered".  

The BEST way to handle these is to use the summary options and skip import if you have a lot of transactions.  

It isn't contradictory to the IRS instructions, it's exactly what they prefer. 

Use the summaries and mail your transactions in (or use a professional who can do it for you - or a software program that allows you to attach the PDF.)  Creating the option to attach the PDF is something perhaps TT should do - but finding a way to import your 3000+ transactions is not.  If you had 2999 and could see what a mess that makes for you in ANY software, you wouldn't be asking for that anyway.  I promise. 

[fatcayuse]

In years past there was a place to download brokerage statements that filled in 1099b,c,div,etc/  I cannot find it this year

[fatcayuse]

I have over 150 pages from my broker and I need the download function to fill essential aspects of my tax data.

[KatrinaLO]

@fatcayuse

If you are unable to import still, you can follow the instructions here to enter a large number of stock transactions in Turbo Tax. 

If you need additional assistance, please click here to contact customer support.

[fatcayuse]

Thanks.  I was able to get through to support and they helped me to fix the problem. JJ