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how to split my stock sales number downloaded from Fidelity into 50/50 to allow us file separately between me and my wife ?

 
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JamesG1
Expert Alumni

how to split my stock sales number downloaded from Fidelity into 50/50 to allow us file separately between me and my wife ?

Are the stock owned individually or owned jointly by the taxpayer and spouse?

 

If an IRS form 1099-B contains four transactions, it is possible to manually enter two transactions for the taxpayer and two transactions for the spouse.

 

I wonder how easy it will be for the IRS to track flow of the transactions split between two tax returns.  Retain copies of your paperwork should a tax authority have a question about the reporting of the transactions at a later time.

 

To enter the form manually In TurboTax Online, follow these steps:

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Wages & Income.
  3. Click the down arrow to the right of Investments and Savings.
  4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
  5. Click Add investments.
  6. On the Let's import your tax info screen, select Enter a different way.
  7. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
  8. At the screen Which bank or brokerage, enter the information.  Click Continue.
  9. Do these sales include any employee stock, enter No.
  10. Do you have more than three sales, enter No.
  11. Do these sales include any other types of investments, enter No.
  12. Did you buy every investment listed, enter Yes.  Continue.
  13. On the screen Now, choose how to enter your sales, select One by One.  Select Continue.

 

 

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how to split my stock sales number downloaded from Fidelity into 50/50 to allow us file separately between me and my wife ?

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.

Category A and D are the covered transactions.

The detail reporting exception applies only to those two categories.

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Divide the category grand totals by two, and enter the result on both tax returns.

 

@ketcham101 

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