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TurboTax can handle up to 500 individual transactions per brokerage account. If you have more than 500 and your sales volume totals less than ten million dollars, you can either summarize your transactions on Form 8949 (instructions follow) or switch to the TurboTax CD/Download software which can handle around 2,000 individual transactions per brokerage.
Step 1 - Enter the summary data from your brokerage statements on Form 8949
The statements from your brokerage should include a summary of your account transactions for the year as well as the details for each individual transaction.
On the Here's what we've got for these sales summary screen, edit or add more sales (if needed) until you've accounted for all your transactions. Make sure you haven't duplicated transactions or accounts before completing Step 2 below.
My statement has about 264 pages....am I supposed to print all of those out and mail them in?
No, you don't print it out. Make sure it is a pdf though.
TurboTax has a maximum of 4000 transactions for Cryptocurrency. But you can enter summary totals! Read on-
Go to Investment income and 1099-B.
You can substitute the form that you were provided for a 1099-B.
You can enter them in to the sales sections even though your crypto statement doesn't break them out that way.
The four sections are -
With crypto (and 4000 transactions) most of your totals will fit in the first two. The IRS will get the statement so you don't have to worry about them being unable to match this stuff up.
You have to tell the system you have a 1099-B and then upload the forms that you have as attachments so the IRS can see all of your transactions.
Oh OK thank you...is that somewhere towards the end near final submission? I stopped at the step where it gave me the mail-in instructions.
EDIT: They are stock/option transactions, not crypto....not sure if that matters.
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