Innumerable Stock sales

Forum|Forum|4 years ago
January 31, 2022
2 replies
15 views

Nuts and bolts question here: If all of the 1099-B transactions are already reported to the IRS, and if I report the correct aggregate totals for short and long term cap gains, capturing pertinent things such as wash sales, etc., is there any need to report all of the detailed transactions and/or uploading the detail? I'm struggling to see the point if the figures reported on the return are correct in the aggregate.

TurboTax Deluxe Online

ColeenD3

Level 15

You do not have to enter every transaction. You can follow the steps below for an IRS acceptable alternative.

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'll enter the summary info instead of each individual transaction.

Open or continue your return (if it's not already open) and search for stock sales
Select the Jump to link in the search results
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
On the OK, what type of investments did you sell? screen, select Stocks, Bonds, Mutual Funds, then Continue
On the Let's import your tax info screen, select I'll type it myself
Step through the interview and select Sales section totals when prompted to choose how to enter your sales
You'll 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
You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen

Dodger4Author

Level 2

Thank you, This makes a lot of sense, but I thought I read somewhere that summarizing implies the need to upload the details. I would assume that retaining documentation to substantiate the summarization is sufficient in the event of an audit. I appreciate it!