Import broker data without transaction details

[andersn2234]

I've used Turbo Tax Deluxe Windows for many years and am familiar with using it.

When I download my tax data from my broker, it downloads every single transaction detail which forces me to hunt of a few transactions that might be missing a purchase date or similar.

Unless I am wrong, I believe all that underlying transaction detail is not really necessary in the tax return. Is there a way to import from the brokerage just the data on the front of their 1099 without all the individual underlying transactions that add up to that 1099 summary data?

Thank you.

[andersn2234]

Am I wrong that the IRS does not need all the underlying transactions and that they only need the totals?

[JamesG1 · Accepted solution]

You may elect to report summary information.  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 will enter the summary info instead of each individual transaction.

1. Open or continue your return and search for stock sales.
2. Select the Jump to link in the search results
3. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
   • If you land on Your investment sales summary, select Add more sales 
4. On the OK, what type of investments did you sell? screen, select Stocks, Bonds, Mutual Funds, then Continue
5. On the Let's import your tax info screen, select I'll type it myself
6. Step through the interview and select Sales section totals when prompted to choose how to enter your sales
7. You will now be able to 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 Continue
8. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.

If you choose the option to enter a summary instead of entering each sale, the IRS requires that you mail a copy of the brokerage statement listing the individual sales.

If you e-file, TurboTax will produce an IRS Form 8453. You print the IRS Form 8453 and attach the brokerage statement(s) to it.

If you file by mail, attach the statement(s) to the back of your tax return, after all the forms and schedules.

In either case, click the mailing instructions link in the message at the bottom of the TurboTax page and follow the instructions that it displays.