Is it ok to divide 1099-B into summary and import some transaction to TT if I have more than 4K transactions?

[TaxNewbe]

I have 4,000 stocks transactions and I know turbo tax has limitations.

In my 4,000 transactions, 3000 txn do not have any adjustment so I am planning to use your workaround where I included summary of my transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." I have only entered the summary info instead of each individual transaction.

Now for the remaining 1000 transactions where I had adjustments or disallowed losses, I converted all of them into a txf file and uploaded in TT using the import feature. I provided same account information and manually entered the adjustment cost for every 1000 transactions.

I would like to know if you see any problem in my approach as I have divided my 1099-B into summary and imported adjustment transactions.

[fanfare]

That's exactly the way to do it.

For Category A or D with no adjustments, Form 8949 is not required. No mailing is necessary.

[fanfare]

Maybe I misread your post.

Are you summarizing your transactions with adjustments also?

That is not sufficient.

IRS requires those details to be listed on a Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.

[TaxNewbe]

No I am not summarizing adjustment at all. My worry is if IRS or TT find it hard to club them together. When I entered summary it was through different screen with different entry TT create and when I imported adjustment, TT gave different name to my imported transactions.

[fanfare]

If TurboTax imported all your wash sales correctly,

you are finished and you don't have to mail anything.

The grand totals for proceeds on Schedule D should match your consolidated 1099-B grand totals for Long and Short Term.

[TaxNewbe]

Yes. This is my worry. Summary transactions without adjustment will have different sales procced number and imported transactions will have different sales proceed number. But if you combine both of them then it will be same as given in my 10-99-B grand total.

[TaxNewbe]

I think I got it. I can always add my summary for Box A, D etc as new txn to my imported adjustment transactions so this way all imported and summarize transaction will be together without creating new account entry in TT

[TaxNewbe]

Hello,

Is there a software that can covert csv with txf with wash sale column in it.

[fanfare · Accepted solution]

I thought you had it figured out the first time.

your summary of Box A and D without adjustments goes on schedule D line 1a

your details of Box A and D - wash sales - goes on Schedule D Line 1b from Form 8949 Line 2.

To get the proceeds to add correctly, enter the wash sales first.

The number also appears now on your Schedule D line 1b.

then use the subtotal results on line 1b to know how much to subtract from your 1099-B.

That gives you the subtotal amounts for line 1a.

Be sure to NOT check the adjustments box in the summary window.

Then Schedule D will be correct.

If you are using Online TurboTax you can't see these forms until you pay at the Print Center.

OR you might be able to refer to the results TurboTax Online gives you before you pay.

[TaxNewbe]

Thank you. it seems csv to txf converter did not populated wash sale column. I am using CD version installed. Does that mean I will have to mail in my 1099-B coz I have summarize wash sale.

[fanfare]

does your txf have header keyword at the beginning?

you have to figure out the correct keyword for Wash Sale Adjustment.

That could take some detective work, I only saw one post on the forum naming the keywords,

but I didn't save it.

Otherwise, yes you can summarize all and then mail in the details of the wash sales.

OR use some other tax software package that does this all correctly,

PM me for the name of TurboTax's competitor.