Reporting 1099-B

[murat-arisoy]

First time, I’m reporting my 1099-B (sales of stocks) on my tax return. Based on 1099-B statement sent by my broker, there are multiple transactions for same company and for different companies as well.

My first question: can I group the transactions for same company into one entry such as subtotal?

If so, my second question: when I finished entering all transactions and other all information in the TurboTax software, TurboTax didn’t generate IRS Form 8949 to show all details of each transaction. Is there any exception such as my broker already reported directly to IRS? In the statement sent by my broker, there’s a remark says that “Short-Term Transactions for Which Basis Is Reported to the IRS - Report on Form 8949”.

My final question: am I supposed to see Form 8949 in any case together with my Tax Return? If so, why can’t I see it?

Thanks.

[DianeW777]

Perhaps. You can group transactions together, however the summary may need to be divided into two categories if applicable. You indicated all of your stock was held short term. If this is the case you are allowed to enter one summary.

1. Long term: held more than one year (one year plus one day)
2. Short term: held one year or less

Yes, that is correct. 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. 

• IRS Instructions Form 8949

Not necessarily if you didn't make any adjustments to proceeds or cost basis as it is reported on your Form 1099-B.