How to proceed after 1099 import overflow?

jimmbbbb · ‎June 20, 2020

(too many transactions/pages)

Anonymous · ‎June 20, 2020

see if under the file tab, if there is one, there's a link to remove imported data. you'll have to enter this info manually.

for those items with sales price and cost basis reported to IRS with no basis adjustments like for wash sales can be reported as a single item on form 1099-B worksheet. line 1 needs to be A or D, 18a needs to have an M and 18b at zero.

your alternative is to use form 8453 and check the 8949 box. apparently the form does not go with the return so you can enter summary totals for each type a,b,c, d,e, f

follow the instructions for the form about sending the form and detail to the IRS

When and Where To File
mail Form 8453 to the IRS within 3 business days after
you have received acknowledgment from your
intermediate service provider and/or transmitter that the
IRS has accepted your electronically filed tax return. If
you don’t receive an acknowledgment, 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

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

Critter · ‎June 20, 2020

Delete the import and use the summary entry option instead ...

How to enter a summary in lieu of individual transactions

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". You'll enter the summary info instead of each individual transaction.

Open your return in TurboTax Online (if it's not already open) and search for stock sales in the upper-right corner.
Click or tap the "Jump to" link in the search results.
Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
- If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
On the Choose Your Bank or Brokerage import screen, select I'll type it in myself.
Select or enter your brokerage on the next screen and continue.
On the following screen (Tell us about...) select the second option, I'll enter a summary.
On the same screen, enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Done.
Follow the onscreen instructions to enter additional sales or to view a summary.

When you are done entering all your sales transactions, you'll eventually come to the Here's the investment sales info we have so far screen. Here you can edit, delete, or enter more sales.