I was told to upload 1099-B. But my brokerage firms only provide consolidated forms (INT, DIV & B). Can I upload the consolidated forms or do I have to scan only 1099-B?

[Anonymous]

consolidated means thy send yo one set of forms with all the details for each type of income.  so import/upload should be possible.  the way it may have to be done is after logging in, you'll need to check off that you want to import 1099-div, 1099-int and 1099B - 3 items checked off.   maybe more.  you are also responsible for completely reviewing the consolidated 1099  to make sure everything that needs to be reported is reported.  there are certain areas where TT can not import the data. 

[rjs]

"Was told" by whom? Where are you trying to upload the forms to, and why? What are you trying to do?

[ckalau]

After I entered my 1099-B info on Turbox Tax, turbo tax told me IRS requires me to upload my 1099-B. I don't understand why, because it wasn't required in the past

[rjs · Accepted solution]

Did you enter a summary of your investment sales instead of entering each sale individually? If so, you have to mail (not upload) to the IRS a copy of the 1099-B detail pages from your consolidated statement. If you file your tax return by mail, attach the copy of the copy to the return, behind all the IRS forms and schedules. If you e-file, TurboTax will print a Form 8453 to attach the copy to.

[ckalau]

Yes, I entered a summary of investment sales instead of individually (first time I did that). Maybe to avoid having to mail anything, I will enter individually instead of "summary". Do you know for each security e.g. ABC, if I group transactions by sale date (and by entering purchase date as "various"), would I still be required to mail 1099-B? I have a lot of transactions and I am trying to consolidate to save work. Thank you.

[rjs]

I'm not certain, but I think that if you group individual sales you will confuse the IRS, and they will think you didn't report all the sales. I recommend that you either enter each individual sale, or save all that work by keeping the summary entries that you already have and mailing a photocopy of the relevant pages of your brokerage statement.