Downloading selected transactions from a financial institution (with over 3000 transactions)

[DRAL]

I have 4 accounts with a financial institution (Merrill Lynch) and in total there are over 3,000 tax transactions.  In general I just enter a summary of the stock transactions instead of downloading the 1099-B’s, but for 1 of the accounts, all of the transactions are “Noncovered Transactions (B)” and can’t be entered on lines 1a or 8a of Schedule D.  I would like to download the 1099-B (!400 transactions) for this account.  When I try to import the form from TurboTax (selecting “NO” for every option except “Stocks, Mutual Funds, Bonds, Other” in the Manage Your Import Options screen), after entering my Login ID and Password, TurboTax (Premier 2020, CD, Windows) gives the following error message:

We notice you have more than 3,000 financial transactions to import.  TurboTax wasn’t designed to handle this many transactions.  We apologize!  Please contact us to request a refund (go to www.turbotax.com and select Support).

Normally TurboTax would open a screen with showing the various forms for all of my accounts at Merrill Lynch and I would select which forms that I wanted to import and skip the others.  This would allow me to choose the one form that I want to down load (~400 transactions) and when combined with the ~100 transactions already in my return, which would be well under the limitations of TurboTax.

Is there a way to get TurboTax to allow me to import the 1099-B from just this one account?

[Mike9241]

if you want to e-file do the following. don't import those transactions. instead just enter totals on a 1099-B wks

you should also see the words "check here if this summarizes multiple sales" check it.  on form 8949 there will appear a name  a statement that says "see attached" and a code M

what you do is submit form 8453 with the box 8949 check and a copy of those trades. usually just submitting an original or copy of that section of the 1099-B will do. just so the numbers match the 8949 code M.  

https://www.irs.gov/pub/irs-pdf/f8453.pdf 

read the filing instructions for where to file and when.  

if there are multiple broker codes such as;

b (short term basis not reported) 

c (short term sales and basis not reported)

e (long-term basis not reported)

f (long term sale and basis not reported)

enter each on a separate line with the proper code and that boxed checked 

if the box date sold turns red just enter 12/31/20 

[DRAL]

Thanks, that should work. I was hoping not to have to attach a document of the transactions.  It seems like it should be an easy programing fix to have TTX conduct the check of the transaction totals after the user selects which forms to import.  Fortunately I had already imported all of the 1099-MISC, 1099-DIV and 1099-INT before the supplemental 1099-B was added to my account at ML.  Otherwise I would have to manually enter close to a dozen forms.

[MaryM428]

When you you enter your summary and the category is non-covered you will be prompted to upload a a pdf copy of your 1099-B.  If you don't have the pdf copy, then you can skip the upload and mail in a paper copy.  

You need to send a copy to the IRS because they need documentation for the noncovered transactions on your sales summary.  You can scan a paper copy of the 1099-B or you can bring it up on your screen and then print it to a pdf.

Entering a large number of transactions in TurboTax Online

[DRAL]

Thanks, I like the idea of uploading the PDF, but when I entered the summary info (and select Box B Short-Term noncovered) I  just get the "Continue" button and I am not prompted to upload the PDF.  I am using Premier via CD.  I even went back and added a dummy summary for Box E Long-Term noncovered transactions, again no prompt to upload.  I feel that I must be missing something simple.  Can you provide more guidance?

[DianeW777]

Due to the experience you are having you can use the instructions below to mail your statement detailing the transactions you summarized in your return.

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 need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet).