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After waiting two hours the representative that called me back cut off the call. I need help with my 1099B validation effort now!!!!!

Cannot get my tax filing submitted because there is a series of error messages relating to my imported Form 1099B that cannot be answered or resolved.  Need help, but the guy that called me back cut me off.
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2 Replies
LinaJ2020
Expert Alumni

After waiting two hours the representative that called me back cut off the call. I need help with my 1099B validation effort now!!!!!

If import does not go smooth, I will suggest to manually enter info.  For import, there are a limit on how many transactions TurboTax can handle.  See blue links below.  If there are too many transactions, try to sum up between long term and short term.  Here are the steps:

 

In TurboTax online,

  • Sign into your account, select Pick up where you left off
  • At the right upper corner, in the search box, type in 1099b and Enter 
  • Select Jump to 1099b
  • Follow prompts
  • On-screen, "Let's import your tax info, select I'll type it myself
  • Follow prompts to continue

 

For more information, click here: 

 

how many stock transactions TT can handle

 

Import / craashed

 

A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions.  The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held.  The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.  

 

 

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After waiting two hours the representative that called me back cut off the call. I need help with my 1099B validation effort now!!!!!

At tax time, you have the option to summarize your activity by Sales Category.

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.

Category A and D are the covered transactions.


If you summarize (recommended),

you only need to supply PDF of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.

 

in other words, for active investors, generally this is a list of the Wash Sales.


Note: turboTax may suppress some covered transactions without adjustments (new behavior). For those, no mailing is required !
--
If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)

 

Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.

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