Importing 1099 B records from Benjamin F. Edwards & Co.

[pandother]

I have dozens of stock sales reported to me on a 1099 from my brokerage firm.  I want to import them so I don't have to enter each one but Turbotax doesn't list this firm to import.  I typed in the name and was instructed to choose one from the list.  Am I stuck with an hour or more of entering each sale?

[rjs]

Not all brokerages are import partners with TurboTax. It's up to the brokerage to decide whether or not to partner with TurboTax for importing 1099-B information. If the brokerage that issued your 1099-B is not an import partner, you have to enter the 1099-B manually.

[rjs]

You don't have to enter each sale separately. You can make summary entries. Depending on the type of sales, you might then have to mail a copy of the 1099-B to the IRS to give them all the details.

When you start to enter investment sales, after a few screens you will be offered a choice of "One by one" or "Sales section totals." Select "Sales section totals."

[MarilynG1 · Accepted solution]

Here's detailed instructions  on How to Enter a Summary in Lieu of Individual Transactions.

If you're using TurboTax Online, and proceed through the Sales Section interview screens, you will come to a page where you can drag and drop in a PDF file of your transactions.

The IRS already has copies of your 1099-B's; the Sales Section Totals are acceptable to them, unless certain adjustments are involved.  Your Filing Instructions page will tell you if you need to mail Form 8949; however, here's the general guidelines for Mailing Form 8949. 

IRS Instructions for Form 8949.

@pandother 

[pandother]

Thanks for the help.  I didn't know about form 8949, but now I understand.  My brokerage statement was 26 pages, so I just made a copy to mail.  Saved me many hours of typing and probably many errors.

[fanfare]

"The IRS already has copies of your 1099-B's;"

This makes no difference.

If you are not excused by the Detail Reporting Exception,
IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

This is so, even when the broker has sent details to the IRS already.

The exception does not include wash sales, since they have an adjustment.

@MarilynG1