topic First time filing stock trading in tt in Get your taxes done using TurboTax

First time filing stock trading in tt

lena1567 — Wed, 31 Mar 2021 21:16:47 GMT

1)I received form 1099 composite statement from brokerage. I has 3 sections: 1099div, 1099misc and 1099b. can all of these needed to be added in investment section of tt or in different sections?

2) there is also form 8949 form attached listing different stocks I bought and sold. I should enter them one by one? there are lots of them.

Will appreciate detailed guidance please

Re: First time filing stock trading in tt

RayW7 — Wed, 31 Mar 2021 21:31:57 GMT

The best option, if the financial institution is approved, is to download all the information. If you can import it will load all transactions in your return.

You can securely import your 1099-B, 1099-DIV, 1099-INT, 1099-OID, or 1099-R into TurboTax if your broker or financial institution is on our list of TurboTax Import Partners. If they're not, you can upload your form from your computer or type it in yourself.

Here's how to import:

Sign in to TurboTax and open or continue your return.
Search for the name of your form (like 1099-B) and select the Jump to link in the search results.
Follow the screens and you’ll be able to import your form.

Tip: Be sure to select the right financial institution or brokerage from the list. For example, several participating partners' names start with First National Bank and if you select the wrong First National Bank, you won't be able to import.

You can import up to 1,500 transactions from your financial institution in TurboTax Online.

Re: First time filing stock trading in tt

lena1567 — Wed, 31 Mar 2021 21:40:21 GMT

Thank you

If it will not let me do upload all these different 1099s should they go to different sections of software or only to investment section of tt?

Re: First time filing stock trading in tt

DavidD66 — Wed, 31 Mar 2021 21:58:56 GMT

For the 1099-DIV, you can get to that entry screen by typing "1099-DIV" into search, hitting enter, and then clicking on "Jump to 1099-div". Repeat for the 1099-INT

For your stock sales, instead of entering each transaction, you can enter summary totals for each asset sale category. It will require you to either upload to TurboTax a copy of your Form 1099-B, or mail it, with Form 8453, (which TurboTax will generate). To do this in TurboTax Online:

Click on Search and type in "Form 1099-B"

Click on "Jump to 1099b"
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 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.