1099B

[MarylandMary]

Unable to import 1099B using TurboTax Desktop version. Too many transactions. I am entering a summary and TurboTax is telling me to mail the 1099B to the IRS. It's 325 pages. Do I really need to do this since the IRS should already have a copy?

[DawnC]

Yes, if you used TurboTax Desktop and you entered transaction summaries with adjustments (as opposed to one by one), you have to mail in the details of the 1099-B; they need the details on form 8949.  If you entered a summary, your 8949 is summarized also.   The IRS requires the details be mailed in within 3 days of e-filing.  

However, you have a couple of options.   See this explanation FAQ.   You will see that it is the transactions with the adjustments that cause the need to mail the details.   If you enter those transactions one by one and summarize the rest, you won't need to mail anything.   

The other option is to switch to TurboTax Online to e-file.   You can enter a summary there and upload a PDF copy of your 1099-B, and then you don't need to mail anything.   Desktop does not have the option to upload the PDF copy.  

[MarylandMary]

Thanks for the reply. Can you walk me thru how I enter these transactions in TurboTax? After finding these transactions with the adjustments do I just follow the prompts to enter each transaction and then subtract the total from the summaries?

[JamesG1]

I assume you mean how to enter the IRS form 1099-B information into TurboTax Online Premium.

Follow these steps to enter individual entries.

• Click on Federal down the left side of the screen.
• Click on Wages & Income down the left side of the screen.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• You may need to click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.

Then you enter your summary information.  

Your brokerage statement includes a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered, you will enter the summary info instead of each individual transaction.  Follow these steps:

• Click on Federal down the left side of the screen.
• Click on Wages & Income down the left side of the screen.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• You may need to click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click Yes.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select Sales section totals.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
• Repeat as necessary by clicking  Add another sales total.  Click Continue.
• At the screen Now we'll help you upload your 1099-B since the IRS requires a copy, select Browse.
• Download the 1099-B in PDF format from your provider.
• Upload successful, click Continue.

@MarylandMary 

[JamesG1]

I assume you mean how to enter the IRS form 1099-B information into TurboTax Online Premium.

Follow these steps to enter individual entries.

• Click on Federal down the left side of the screen.
• Click on Wages & Income down the left side of the screen.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• You may need to click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.

Then you enter your summary information.  

Your brokerage statement includes a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered, you will enter the summary info instead of each individual transaction.  Follow these steps:

• Click on Federal down the left side of the screen.
• Click on Wages & Income down the left side of the screen.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• You may need to click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click Yes.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select Sales section totals.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
• Repeat as necessary by clicking  Add another sales total.  Click Continue.
• At the screen Now we'll help you upload your 1099-B since the IRS requires a copy, select Browse.
• Download the 1099-B in PDF format from your provider.
• Upload successful, click Continue.

@MarylandMary 

[JamesG1]

Follow these steps to enter individual entries.

• Click on Federal down the left side of the screen.
• Click on Wages & Income down the left side of the screen.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• You may need to click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.

Then you enter your summary information.  

Your brokerage statement includes a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered, you will enter the summary info instead of each individual transaction.  Follow these steps:

• Click on Federal down the left side of the screen.
• Click on Wages & Income down the left side of the screen.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• You may need to click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click Yes.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select Sales section totals.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
• Repeat as necessary by clicking  Add another sales total.  Click Continue.
• At the screen Now we'll help you upload your 1099-B since the IRS requires a copy, select Browse.
• Download the 1099-B in PDF format from your provider.
• Upload successful, click Continue.

@MarylandMary