Multiple Form 1099-Bs

[GGBJr]

During 2022 I changed brokerage firms.  I will have Form 1099s coming from both firms.  One of the firms participates in the use of forms that can be automatically entered into TurboTax.  If I enter info from the non-participating broker first, will the automatic entry of info from the participating broker override the first?

[JamesG1 · Accepted solution]

One will not override the other.

Imported 1099-B information is entered and displayed separately from 1099-B information which is entered by hand.

Then the information is sorted and reported on IRS form 8949 Sales and Other Dispositions of Capital Assets and Schedule D Capital Gains and Losses.

[GGBJr]

Thanks for your rapid response.

In a few cases, there will also be 1099 forms from a third broker that is a part of the grouping of authorized brokers.  Can I presume that the automated entry of a second 1099-B will not override data previously entered?

I appreciate your insights!

[GeorgeM777]

Yes.  Following up on the comments from @JamesG1, uploading additional 1099-Bs, or entering the information manually, will not override previous entries.  The grouping of the entries will likely be in chronological order so upon reviewing Form 8949, you may not be able to tell, without looking at a 1099-B, from which account a transaction originated.  

If you receive a Supplemental 1099-B which contains updated information about transactions previously reported to you, you may have to manually adjust the previous entries to reflect the most up-to-date information. 

@GGBJr

[GGBJr]

Greatly appreciate your update.

I will be updating about seven family-related returns, and the Schedule D has traditionally been the most complex aspect of the returns.  Thanks for your participation in my effort to clarify the automatic 1099 updating process.