HELP! Large amount of 1099-B transactions to put in taxes and my Brokerage firm is not on the import list

[kfmamma]

I have a large amount of 1099-B sales and my Brokerage firm does not import into Turbo tax.

Is there a way to get them in without typing everything? 

[DavidD66]

 Yes, there is a way.  You can enter category totals instead of individual transactions.  To do so,

• Click on Search
• In the Search Window type 1099-B
• Click on Jump to 1099-B
• Click Add more sales (if the account you were trying to download is showing, delete it first)
• Click on the box with Stocks, Bonds, Mutual Funds  and click on Enter
• On the Let's import your tax info screen, click on I'll type it myself at the bottom right of the page
• Enter your Broker, and click on Continue
• On the page with "Tell us about your 1099-B sales for this brokerage account" answer the question about employee stock & the number of sales, etc.
• click the button "Enter sales section totals" and click on Continue
• Locate your sales section totals on your 1099-B
• Enter your Investment Sales Section Totals and repeat till you have entered for each category.

After entering all your sales section totals,  Look for "Now we'll help you upload your 1099-B since the IRS requires a copy" and follow the instructions,  or you can mail a paper copy of your 1099-B to the IRS.  If you want to mail, click on "How do I mail my statement".

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

•  - A Description
•  - Date Acquired
•  - Date Sold
•  - Sales Price
•  - Cost Basis
•  - Gain or loss for each sale
•  - A based on how the sale was reported to you and the IRS

 In some uncommon cases, there will be an adjustment code and adjustment amount.

 NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

 Here's how to mail your statements:

 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 are not e-filing, then mail your statements with your entire tax return to your local IRS office.

[kfmamma]

Thank you for your help.  

It looks like I may have to mail my statement. 

If I do mail it what do I do about Form 8949, or schedule D

[kfmamma]

Hello,

Your information is very helpful.  I just have a couple of questions.  

When I got to the "Tell us about your 1099-B sales"  I entered the sales section totals.  I entered 1g box amounts where required.  Some individual sales had "Wash sale: 326 days added to the holding period."  Do I need to include this information anywhere?  I did not see a place for the information.

After I entered all the sales section totals it did not give me the option "Now we'll help you upload 1099-B since the IRS requires a copy."  Did I do something wrong, or is it because I had a couple entries in the column for "wash sale loss"?

Thank you 

[bkrob]

I've confirmed bank user name and password, but I'm getting an error message that the data can't be downloaded because of a discrepancy in name or password.  Any suggestions?

[RobertB4444]

You will have to contact the brokerage firm to figure out what the issue is.  TurboTax doesn't store any of your log in information on their end.

@bkrob 

[fanfare]

@kfmamma 

It sounds like you did it this way:
You summarized and checked the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.

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)..

Note: only the wash sales details have to be mailed if you summarize wash sales separately.
You may want to get Pro Adobe Reader that lets you edit your 1099-B PDF and reduce it down to only wash sales.
It depends on how many wash sales you have to report.

[samzandt]

I have a large number of 1099-B Box E transactions; i.e. with Basis not reported to the IRS and not listed on my broker statement. So sending in a copy of the broker statement won't help. I have manually tracked the basis for each sale and have all the information in an Excel spread sheet. Rather then entering each sale by hand is there a way to upload the Excel spread sheet (or CSV file) of these transactions? 

[jaclaeys]

If you can't fix the import, you might be able to use "Exception 2 in the instructions for IRS form 8949.  In TurboTax, use the following steps when:

1) Choose button: "I'l type it in myself" and Continue

2) Enter Bank or brokerage names and Continue

3) On the next screen labeled, "Tell us about your xxxxxxxx 1099-B",

            *  check the button, "I'll enter a summary for each sales category" 

            * make sure that you click and read the Learn More to make sure that you meet the requirements for this

4) Fill out the screen with the information for each summarized category. 

[EbonyA]

You may review this help resource @samzandt.

[fanfare]

If you are a TurboTax Online customer,

and you summarize transactions, it will ask for a PDF of details.

a spreadsheet is acceptable if the data is in the same form and manner of Form 8949

If you are a TurboTax CD./download customer,

you have to mail it.

@samzandt 

[samzandt]

OK. Thanks. I can certainly format my Excel s/sheet in 8949 format, but would have thought there would be a way to upload a csv file of the info into TT so it could all be done via e-filing. Think they now do this for Crypto, but only for Crypto and not for regular equity sales.

[fanfare]

Since TurboTax handling of .PDF file with details is undocumented,

it's all just hit or miss as you go.

@samzandt