When I load my trades from Interactive Brokers to TurboTax, it said because there are more than 3000 trades, asked me to contact your site. Pls help.

noble77777 — Mon, 08 Mar 2021 05:40:06 GMT

How many trades can you load each year?

Re: When I load my trades from Interactive Brokers to TurboTax, it said because there are more th...

JohnB5677 — Tue, 09 Mar 2021 17:34:33 GMT

There is a 3,000 record limit that currently cannot be changed.

However, you can quickly enter this manually. Your brokerage statements should include a summary of your transactions, grouped by sales category.

There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status. These are the only ones you have to summarize.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 1a, or on Form 8949 with box A checked with totals being carried to Schedule D (Form 1040), line 1b.

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box B checked with totals being carried to Schedule D (Form 1040), line 2.

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 8a, or on Form 8949 with box D checked with totals being carried to Schedule D (Form 1040), line 8b.

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box E checked, with totals being carried to Schedule D (Form 1040), line 9.

Box F. Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.

Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.

Select the Jump to link in the search results.
Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
- If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
When asked how you want to enter your 1099-B, select I'll type it in myself.
Select or enter your brokerage on the next screen and continue.
On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.

When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your 1099-B to the IRS. TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.

Re: When I load my trades from Interactive Brokers to TurboTax, it said because there are more th...

fanfare — Tue, 09 Mar 2021 17:48:49 GMT

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

I don't know why TurboTax can't publish accurate information.

It would save all TurboTax users a lot time and effort.

topic When I load my trades from Interactive Brokers to TurboTax, it said because there are more than 3000 trades, asked me to contact your site. Pls help. in Get your taxes done using TurboTax

When I load my trades from Interactive Brokers to TurboTax, it said because there are more than 3000 trades, asked me to contact your site. Pls help.

Re: When I load my trades from Interactive Brokers to TurboTax, it said because there are more th...

Re: When I load my trades from Interactive Brokers to TurboTax, it said because there are more th...