File without review of imported 1099-B entries

In TurboTax, you generally need to review imported 1099-B entries to ensure accuracy. However, if you have many transactions, you can use the summary filing method noted below to simplify the process:

Important note:

If you’ve imported info for stocks, options, crypto, bonds, and/or mutual funds, and you have more than 25 transactions that need review, you could be missing any of the following:

• Cost basis
• Date acquired
• Description
• Proceeds
• Date sold

There are a couple of ways to fix this issue.

1. Use summary filing

Re-entering your sales using summary filing can help you avoid having to re-enter your sales one by one. Here’s how you can use summary filing:

1. On the Investment summary screen, delete the sales you imported from your financial institution to prevent any duplicates.
   • Skip steps 2 and 3 if you imported sales from that financial institution only. You will automatically be directed to the Did you sell stocks? screen.
2. Navigate to stock sales:
   • TurboTax Online or Mobile: Go to stock sales.
   • TurboTax Desktop: Search for stock sales, and select the Jump to link.
3. For Did you sell stocks?, select Yes. If you land on Your investments and sales, select Add investments.
4. On the Let's import your tax info screen, select Enter a different way.
5. Select Stocks, Bonds, Mutual Funds, and then Continue.
6. Answer the questions, and when prompted with Now, choose how to enter your sales, select Sales section totals and Continue.
7. 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.
8. When finished, select Continue.
9. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.

 

For more detailed instructions and if you have Crypto, you can visit the TurboTax support page here.

In your reply you state, "In TurboTax, you generally need to review imported 1099-B entries to ensure accuracy." I find the easiest way to do this is by reviewing the 8949 form, rather than using the program to verify each one, a very laborious process by which all I do is confirm "None of the above" in the last screen.

You did not answer my main question which is Do I need to review all entries that state, "Needs review" in order to file electronically? I hope not as I estimate it will take almost an hour of just clicking "None of the above."

 

Note: I am very pleased that the program is capable of importing a TXF file. I used that to import only Wash sales. The remaining Short-term and Long-term sales were input using the summary option that you mentioned in your reply.

 

The only suggestion I have is for the program to describe the format of the TXF file. I was able to get the format on the web, but it did take some searching, and I was not sure I did it correctly until I successfully imported the file.

 

Regards,

 

Alex

You asked:  "Is it possible to file electronically without reviewing every imported 1099-B entry?"

 

Probably not.  I would expect each Needs review will need to be corrected.

 

I agree with the response of @SabrinaD2 above.

 

See also this TurboTax Help.

 

@AlexBB