topic I have a downloaded 1099-B from LendingClub with hundreds of legitimate lines with cost basis of zero that TTax now wants me to review individually. How to do quickly? in Retirement tax questions

I have a downloaded 1099-B from LendingClub with hundreds of legitimate lines with cost basis of zero that TTax now wants me to review individually. How to do quickly?

rphelmle — Mon, 05 Apr 2021 15:07:24 GMT

After each validation I complete, it dumps me back to page one and I need to navigate back to the page to choose the next one Who designed this thing? And why did I not have to do this last year? Any way to get around this? Help would be much appreciated...

Re: I have a downloaded 1099-B from LendingClub with hundreds of legitimate lines with cost basis...

MaryM428 — Mon, 05 Apr 2021 19:16:17 GMT

Instead of entering individual transactions, you can enter a summary of each cost category.

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." You'll enter the summary info instead of each individual transaction.

Open or continue your return (if it's not already open) and search for stock sales.
Select the Jump to link in the search results.
Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?.
- If you land on Your investment sales summary, select Add more sales.
On the OK, what type of investments did you sell? screen, select Stocks, Bonds, Mutual Funds, then Continue.
When asked how you want to enter your 1099-B, select I'll type it myself.
Answer the questions until you can select Enter sales section totals.
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.

If you need to mail a copy of the 1099-B along with other forms, TurboTax will tell yuo that when you file.

Here are the complete directions with links to other 1099-B questions.

Re: I have a downloaded 1099-B from LendingClub with hundreds of legitimate lines with cost basis...

rphelmle — Thu, 08 Apr 2021 23:24:42 GMT

Thanks for the info, but I ended up going a different way. After talking with a TurboTax agent over the phone, it turned out you can skip the alerts and proceed to file without having to "acknowledge" all the zero cost basis line-items (since they are perfectly correct). Thus I was able to file and retain the details which were part of the direct download. Thanks again.

Re: I have a downloaded 1099-B from LendingClub with hundreds of legitimate lines with cost basis...

trisianto — Wed, 28 Apr 2021 03:12:06 GMT

Hi, do you remember how the agent helped you with this? I've contacted 3 agents so far , and I don't think they're clear on what to do. They told me to review 150+ records one by one :(

Re: I have a downloaded 1099-B from LendingClub with hundreds of legitimate lines with cost basis...

rphelmle — Wed, 28 Apr 2021 10:25:31 GMT

I will do my best, from memory. In the full review just prior to the File section, when it shows you the huge list of errors, instead of hitting the fix button on the line-items, click on the continue/proceed button at the bottom. I thought it would not work, but it DOES let you move ahead. You can complete all the screens from there. However, the is one more place you need to watch for. Near the end, just before you actually file, there is a checkbox to do one last review - you need to uncheck that! Then you can file. Sorry that I did not take screen shots at the time. I hope this helps.