1099-B

Forum|Forum|4 years ago
April 15, 2022
1 reply
11 views

My 1099-B form can not be imported. The brokerage house it is in is not available on Turbo Tax.

Can I mail to the IRS a copy of the 1099-B form that was sent to me, and if so, what do I do about Form 8949 and/or Schedule D? Do I have to prepare those myself? Do I need both forms?

(I already tried to manually type in my 1099-B using the sales section totals, but it is rather lengthy and complex, with a few wash sales and it did not go well).

Thank you in advance for your help!

TurboTax Home & Biz Windows

fanfare

Level 15

IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

Either way, if you choose to summarize only, 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 Online will ask for it).
Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.

kfmammaAuthor

Level 2

Thank you for your help.

I'm guessing Wash sales are considered adjustments? I only have a few.

fanfare

Level 15

If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

If you have only a few, enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.

The subtotals combined should agree with the grand totals on your 1099-B.