Print and Mail 1099-B?

[Ambilobe]

Do I need to send in a paper copy of my 1099-B to the IRS?

I have never seen this before, and it is only asking for one of my 4 brokerage accounts.

Is asking me to mail it because it does not automatically link to TT and I entered the summary manually? (unlike the other accounts)

It is all "covered" therefore already submitted by the Broker. My 1099 is over 500 pages! Thanks

[baldietax]

If you input 1099B at summary level but there are adjustments to the cost basis (e.g. AMD, Wash Sale) or noncovered sales, this will trigger the need to send the details to IRS either on 8949 or "statement with the same information" using Form 8453.  If you are on TT Desktop, at the bottom of the Capital Asset Sales worksheet there is a line which shows whether the mail-in statement is required.

What to do, depends how many adjustments you have.

One way to avoid this mailing is to split up the 1099B and enter any sales which have adjustments at the detailed level, and the balance of the 1099B can be input at summary level.  If you don't have many it doesn't take long to do.  (This is what I do - importing 1099s is not worthwhile).

If you have a high volume of adjustments and import is not an option, you can always mail in Form 8453 with the pages from the 1099B which have the adjustment details (not a CPA but don't think the whole thing is needed; and I suspect you'll never hear about it again - they probably just shred it below a certain threshold).

I think TT Online has more options to import from PDF, or upload the PDF for this reporting requirement, but not tried it.

[Ambilobe]

I'm using TT desktop.

The pdf is 570 pages, so maybe i can drop off at a local IRS office if needed. 

My bank is not able connect (error 103) , but it should. It is  Apex clearing. If it would work, I wouldn't need to send anything? 

Thanks 

[Ambilobe]

I tried TT online also, same error.

Will have to ship in a flat rate box.

[baldietax]

more here - looks like with Online you can attach is as PDF instead of mailing

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-b/need-include-1099-b-return/L...

you may also want to see if HR Block has the import working for your broker.  Keep in mind there are limits on these imports (Turbotax has 10,000 transaction limit) and a 570 page 1099B is pretty extreme.

[Ambilobe]

I already paid for desktop, I wonder if they would let me change. I am going to look into freetaxusa. I think they allow uploading PDF to efile. 

I don't want to pay again for another version of turbotax. It would also have to be the higher version to allow 1099-B

Pretty frustrating.

[baldietax]

ok if you find a better option for your situation you should be able to get a refund for desktop

https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-refunds/request-refund-turbotax-p...

[Ambilobe]

60 days for desktop. 

I purchased through advantage which they run in November 

[DianeW777]

This is not new tax law. With summary transaction totals a mailing of the form 1099-B or your spreadsheet and Form 8453 is a very common mailing requirement.  Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.

You can always use direct entry if you choose, with summary totals.  The only exception if wash sales, which must be entered separately, if you have any.

• Where do I enter Form 1099-B? (Ignore import)
• How do I mail Form 8453? (review if alerted)

You can e-file, and mail the required forms no later than three days after acceptance of your return.

@Ambilobe 

[Ambilobe]

So to be clear, if TT links. And downloads all the transactions, I will still have to mail in the 580 page 1099B?

[ThomasM125]

You would need to mail the 1099-B form if you reported transactions by sales section totals and you either made adjustments to your investment income or you listed cost basis that was not reported to the IRS. After you get the download posted to TurboTax, you would have to look at how the investment sales are listed on your tax return to see if you are compliant with these regulations to determine if you need to mail in the 1099-B detail. TurboTax should inform you of that need if it exists.

[Ambilobe]

I entered a summary, and there are wash sales that i reported (exactly as on my 1099).

If TT links to my bank, and all transactions are downloaded, would i not have to mail it in?

[CesarJ]

Generally, if you e-file and report Form 1099-B information in summary form, using Form 8949 and Schedule D, you aren't required to mail the 1099-B to the IRS.

However, an exception exists: If your transactions are in Boxes B, C, E, or F (indicating non-covered or unreported basis) or if you had tax withholding, you must mail a copy of your statement along with Form 8453.

If this situation doesn't apply to you, you aren't required to mail in the statement or Form 8453.

@Ambilobe