Hi, This is a general question for Turbo Tax Application. This year I have close to 40 stocks that I sold, all having different acquired date and/or sale date and/or cost basis. Is there any limit on the number of lines that can be entered in Turbo Tax. For the purposes of this question, assume it is Turbo Tax 2023.
TurboTax is equipped to handle around 10,000 individual transactions per brokerage account.
See this TurboTax support FAQ - https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-large-number-stock-transactions-turbotax/L7IFdQzko_US_en_US?uid=lyvnoe0d
As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.
No mailing is necessary.
TurboTax now takes advantage of this rule and suppresses some line item details entered by you.
Based on prior forum complaints about this. it's not clear exactly what rule it is using, and there is no way to force TurboTax to list all transaction details on Form 8949, as allowed by IRS.
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Check your subtotals for Box Categories on Schedule D, If the amounts agree with your broker's consolidated 1099-B your return is correct and you can e-File it.
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You might as well start off with aggregation as your reporting method of choice.
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For the other categories, B C E F,
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.
This is so, even when the broker has sent details to the IRS already.
@fanfare Thanks for your inputs/feedback. But for a given stock, due to various tax lots, given they have different Date of purchase and/or different date of sale, how can we use the aggregate method? Aggregate based on what criteria?
Looking forward to your reply.
Thanks.
Get a copy of Schedule D from IRS.gov/forms or your tax software,
and review lines 1a and 8a.
Contrast with lines 1b and 8b.
Note that category Box A and Box D are used to indicate basis was reported to IRS.