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Returning Member
posted Mar 30, 2023 12:58:13 PM

I'll eventually figure how to upload my Consolidated 1099 from my broker. I entered the summary Proceeds and Cost Basis. Should I delete what I entered ?

to avoid duplication?  It is an entry under "Your investments and savings; then under  the broker's name, "Stocks, bonds, etc. (1099-B)"  It has Total gain or loss, Number of Sales [2 -- but my Consolidated 1099 is 54 pages], Proceeds, and Cost Basis [I entered Proceeds and Cost  Basis.]  And the summary page has Wash Sale Loss Disallowed of $42.65 [probably 1 short-term sale].  What do I do about that?   Geez, this is so much more difficult than in years past.

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1 Replies
Expert Alumni
Mar 30, 2023 4:48:36 PM

It wouldn't be necessary to delete the summary entries now as long as you can identify them when you complete the upload, as you'll need to delete them then to avoid double reporting things.

 

After you do the upload, I suggest you work through TurboTax until you come to the review screen to see if there are many errors in the investment sales you uploaded from your broker. Sometimes when you have a lot of individual sales, there are a lot of adjustments required and if you encounter that, you may be better of sticking with the summary entries you made. If so, you can delete the uploaded transaction one by one as opposed to bringing them up and fixing errors on them.