Entering 1099-B Summary #'s

[MartyDC]

In past years, I THINK I have been able to enter just my "Box A" & "Box D" Summary Proceeds, Cost Basis, & Realized Gain/Loss into TT.  This year, using the "step by step" mode, TT expected me to enter EACH sale individually.  I am trying to use "forms" mode to get around this problem, but when it comes to Capital Gains income, TT is very particular about which forms you can fill out directly.  

Any suggestions?

[rjs · Accepted solution]

Enter the investment sales in Step-by-Step. When you get to the screen that says "Now, choose how to enter your sales," click on "Sales section totals," then click Continue. Two screens later you will be able to enter the total proceeds and total basis. (You don't enter the gain or loss. TurboTax calculates that.) On the same screen you have to select the "Sales section": short-term or long-term, basis reported or basis not reported.

[Mike9241]

there can be 6 or 7 different codes on the 1099-B 

trades with codes A and D that do not have adjustments can each be entered as totals, no details,  to appear on lines 1a and 8a of schedule D.

other than these, details of each trade must be provided to the IRS including types A and D with adjustments such as wash sale or market discount adjustment. these get reported on form 8949 and the totals from these forms are transferred by Turbotax to schedule D 

[rjs · Accepted solution]

Transactions do not have to be listed individually on Form 8949. Multiple sales can be summarized on one row of Form 8949 using adjustment code M, in addition to any other adjustment codes that apply. See Exception 2 under "Exceptions to reporting each transaction on a separate row" on page 4 of the IRS Instructions for Form 8949.

If you make summary entries ("Sales section totals") in TurboTax as I described above, TurboTax will put the totals on Schedule D lines 1a and 8a for those transactions that meet the requirements for those lines. For transactions that cannot be included in Schedule D lines 1a and 8a, TurboTax will make summary entries on Form 8949 as described in the IRS instructions.

[MartyDC]

You can enter totals using the "step-by-step" mode, if you opt out of downloading  your 1099-B from your broker, and then click thru a few screens until you get to this one:

[MartyDC]

While you could go to forms mode and enter figures directly into Form 8949, I would recommend using the "step-by-step" mode because the 1099-B entry screen doesn't require that you know the letter codes.

[rjs]

You cannot make any entries directly on Form 8949 in forms mode. Individual sales or summary entries have to be entered on a Capital Asset Sales Worksheet. From there the information flows to a Form 1099-B Worksheet, and then to Form 8949 and Schedule D. Entering investment sales in forms mode is very complicated and error-prone. That's why TurboTax strongly recommends using Step-by-Step mode to enter investment sales.

[MartyDC]

TT does allow direct entry of summary #'s into the "1099-B Worksheet".  Below is the box in the worksheet specifically for this purpose:

This box exists because of this statement from the IRS's 8949 instructions:

"If all Forms 1099-B (or all substitute statements) you received show basis was reported to the IRS and no correction or adjustment is needed, you may not need to file Form 8949."

This explains the reference in the above box to "transactions that are eligible to be reported directly on Schedule D"

[Dave2189]

I still can not get in to enter 1099-B transactions, the program takes me back to Dividends and interest. I have my 1099-B forms in hand. When will this be available?

[JamesG1]

In TurboTax Online, I am able to access the 1099-B screens by following these steps:

• Down the left side of the screen, click on Tax Home.       
• Click on the down arrow to the right of Review.
• Click on the blue band labeled Review.
• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click the down arrow to the right of Investments and Savings.
• Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
• Click Add investments

In TurboTax Desktop, I am able to access the 1099-B screens by following these steps:

• Select Federal Taxes across the top of the screen.
• Select Wages & Income across the top of the screen.
• Select I'll choose what I work on.
• Scroll down to Investment Income.
• Click to the right of Stocks, Mutual Funds, Bonds, Other.
• At the screen Let’s finish pulling in your investment income, select Add investments.

Are you seeing something else?

@Dave2189