1099-B has both covered and uncovered transactions

[JR500]

Hi--I have a 1099B with many (20+) stock sales for which the basis is reported to the IRS.  However there is one transaction for a sale in which the basis was not reported to the IRS.  Is there any way to split the 1099 and enter the info for which basis is reported (and just report the totals) and then  enter the 1099-B info separately (report the individual detail) for the one transaction for which the basis is not reported so I don't need to send the 1099-B to the IRS.   It seems like TurboTax is saying I need to mail the 1099-B to the IRS because of the one transaction for which the basis is not reported.

[JamesG1]

TurboTax Desktop allows you:

• To report summary information on IRS form 1099-B, or 
• Report each line of the IRS form 1099-B one by one.  

However, when summary information of an IRS form 1099-B  is reported, you are required to mail a copy of the IRS form 1099-B to the IRS.

Rather than reporting summary information, consider reporting each line of the IRS form 1099-B one by one.  In that case, then:

• The one transaction for a sale in which the basis is not reported to the IRS may be correctly reported, and
• You are not required to mail the IRS form 1099-B to the IRS.

To enter the form manually In TurboTax Desktop, follow these steps:

1. Across the top of the screen, click Federal Taxes.
2. Across the top of the screen, click Wages & Income.
3. Select I'll choose what I work on.
4. Under Investment Income, click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
5. Click Add investments.
6. At the screen Let Us Enter Your Bank and Brokerage Tax Documents, select Skip Import.
7. On the screen OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
8. At the screen Which bank or brokerage, enter the information.  Click Continue.
9. Do these sales include any employee stock, enter No.
10. Do you have more than three sales, enter Yes.
11. Do these sales include any other types of investments?, enter No.
12. Did you buy every investment listed on your 1099-B, enter Yes.  Select Continue.
13. On the screen Now, choose how to enter your sales, select One by One.  Select Continue.
14. Look for your sales on your 1099-B, select Continue.
15. Now, enter one sale on your 1099-B, enter information.  Select Continue.
16. Let us know if any of these situations apply to this sale, enter information.  Select Continue.
17. At the screen Review your sales, select Add another sale until all transactions are entered.

[fanfare]

basis not reported is Box B or E

You can Tell Turbotax the correct basis  turbotax handles this 

Do you have adjustments on any  Box A or Box D transactions that are not detailed?

If so, you will get that mail in instruction

@JR500 

[JR500]

Thanks, appreciate your reply.    There are about 30 sales (for which IRS basis is reported) and one for which it is not.    Was hoping there was a way around having to enter each of the 30 separately and still not have to mail the 1099 but it appears they may not be (although there are no basis adjustments).    Again, thx for replying.

[JR500]

Thanks fanfare.   There are not any adjustments.

[fanfare · Accepted solution]

"   Was hoping there was a way around having to enter each of the 30 separately a"

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.

Category A and D are the covered transactions.

If you have no wash sales, there will be no form 8949, No attachment is necessary. No mailing is necessary.

@JR500 

[JR500]

Thank you!

[JR500]

@fanfare thank you.  I just tried to do it again and the transactions in box A and D do not generate a Form 8949 as you note but the two (one ST and one LT) transactions for  which the basis is not reported to the IRS do generate the 8949 (when I enter Box B and E totals).  There are no adjustments for Box B or E (and Box B is silly--it's the total withdrawn from a money market fund).   The 8949 says "Wells Fargo Advisors--see attached statement".....so does that mean I need to mail a 1099B even though there are no adjustments in Boxes B or E either (I was hoping there would be a way I could report the summary of the Box A and D and details of Box B and E to avoid mailing the 1099 if that makes sense, but doesn't appear to be).    Does the "see attached statement" mean I should mail the 1099?   

[SusanY1 · Accepted solution]

No, you do not need to mail the 1099 to the IRS, since you made no adjustments.  

The remark to "see attached statement" is a bit confusing here, but it refers to a statement generated by TurboTax and included in the filing packet.