1099 B/Form 8949- inputting transactions

[moneyman91]

Hello,

I received a 1099-b from an investment account I use. It lists multiple transactions for the same stocks but at different cost basis. Would I input each of them as a separate row or just summarize the totals for each stock?

Thanks!

[HelenC12]

You can do it either way. A third option may be to import the information if your financial information is a TurboTax Import Partner. That way you don't have to type in all the trades. 

• See Where do I enter a 1099-B?, step number 5.

If you want to enter a summary, see How do I enter a large number of stock transactions in TurboTax Online? and scroll down to How to enter a summary in lieu of individual transactions? You'll need to mail in your financial detail along with form 8453 within three days of e-filing your return.

• See Do I need to mail anything after I've e-filed?

[moneyman91]

Thanks. I'll note that all the transactions for the same stock have the same sold date (again, only the cost basis is different) Both have various for the dates purchased. I'd still do one for each cost basis for the same stock?

[DianeW777]

It depends on what you want to do. You can do one entry for each cost basis of the same stock but the most important action is to keep long term and short term sales separated.  It's all right to summarize one sale for each period, by keeping the long term separate, then TurboTax knows the best tax advantage for you when the long term sales have a gain.  There is a reduced tax on long term capital gains.

• Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
• Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

If you are e-filing your tax return, then mail your statements along with Form 8453 to the following address within three days after the IRS accepts your tax return: 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

[moneyman91]

Thanks!

And to further confirm,

I only need to mail anything in if I'm summarizing the sales and efiling. If I'm entering individually, I don't need to send anything in, even when efiling?

[LinaJ2020]

For e-filing, you do not need to mail in anything additional unless the program tells you to do so.  

@moneyman91