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mw250624
New Member

How do I enter 17 pages of sells?

 
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3 Replies
DawnC
Expert Alumni

How do I enter 17 pages of sells?

What kind of sales?  

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rjs
Level 15
Level 15

How do I enter 17 pages of sells?

You don't have to enter all the sales individually. You can make summary entries. In TurboTax Premier, after you enter the name of the brokerage, you will get a screen with two choices: "I'll enter one sale at a time" or "I'll enter a summary for each sales category." Select the second option, and it will then give you boxes to enter the total proceeds and total cost, and select the sale category (short-term or long-term, covered or noncovered). After that screen, you will get a screen that asks if you need to enter another sale, meaning totals for another category. You have to enter separate totals for each of the four categories.


If all the sales are "covered," meaning basis was reported to the IRS, that's all you have to do. If some of the sales were noncovered you have to send the IRS a statement listing the individual sales. That statement can be a photocopy of your brokerage statement (or just the part for noncovered sales). If you file your tax return by mail, attach the statement to the return, behind all the IRS forms and schedules. If you e-file, TurboTax will create a Form 8453 for you to print. Attach the statement to Form 8453 and mail it to the IRS promptly after your e-file has been accepted.

 

Anonymous
Not applicable

How do I enter 17 pages of sells?

i assume you're referring to the sale of securities.

 

any items of type a - short-term or d - long-term (sales proceeds and basis reported to IRS which do not need to have their basis adjusted can be reported as single items. you will need to use the adjustment code of M  - tells TT multiple transactions and to report on line 1a or 8a of schedule D and not on form 8949. 

 

if there are still too many entries  you can enter summary amounts for the other lines on form 8949 (no m) types/codes B, C, E, and F

then you need to prepare form 8453  checking the box 8949

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

 

If you are filing your tax return using an online provider, mail Form 8453 to the IRS within 3 business days after
you have received acknowledgement from your intermediate service provider and/or transmitter that the
IRS has accepted your electronically filed tax return. If you don’t receive an acknowledgement, you must contact your intermediate service provider and/or transmitter.
Mail Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254

 

if you mail instead of e-filing your return just attach the sales detail to the return - don not use form 8453. 

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