For Turbotax Business: Do I need to enter every row in the 1099-B Consolidated form Short Term, and Long Term Covered Securities or just the totals?
If I just put the totals, what do I put for:
1. Description (Box 1a)?
2. Date Acquired (Box 1b)?
3. Date of Sale (Box 1c)?
You can enter your investment sales, one by one, OR you can enter the information in a summarized format. See the link below if you would like to know how to use the Summary by Sales Section method instead of listing every sale. Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.
For 1099-B Noncovered Securities, do I need to enter them individually or can I summarize them?
One reason I am asking is because I summarized them and Turbotax had a note that said:
"You're attaching a statement and have only Summary entries for this account".
Does that mean if I summarize the 1099-B Noncovered Securities, I will have to mail in the tax return (versus filing it online)?
No, you can still e-file your return but you will have to mail in your statements with Form 8453 to the following address within three days after the IRS accepts your tax return:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254