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ron2024
Returning Member

report multiple stock transactio

Hi,

 

I have one thousnad of stock transactions. can i aggregate then as short/lont team on 8949? Do i need to send any supporting documents to IRS?

 

Thank you 

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1 Reply
DavidD66
Employee Tax Expert

report multiple stock transactio

Yes, you can aggregate your transactions by summary to totals.  You can enter category totals instead of individual transactions.  To do so,

  • Click on Search
  • In the Search Window type 1099-B
  • Click on Jump to 1099-B
  • Click Add investment (if you were trying to download an account and it is showing, delete it first)
  • On the Let's import your tax info screen, click on Enter a different way at the bottom right of the page
  • Answer the questions about your 1099-B
  • Click on the box with "Stocks, Bonds, Mutual Funds" then Continue
  • Enter your Broker, and click on Continue
  • On the page with "Tell us about your 1099-B sales for this brokerage account" answer the question about employee stock & the number of sales, etc.
  • On the screen with Now, choose how to enter your sales click the button "Sales section totals" and click on Continue
  • Locate your sales section totals on your 1099-B
  • Enter your Investment Sales Section Totals and repeat till you have entered for each category.

If you are using TurboTax Online, after entering all your sales section totals,  Look for "Now we'll help you upload your 1099-B since the IRS requires a copy" and follow the instructions,  or you can mail a paper copy of your 1099-B to the IRS.  If you are using TurboTax Desktop you will have to mail your 1099-B. If you want to mail, click on "How do I mail my statement".

 

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

  •  - A Description
  •  - Date Acquired
  •  - Date Sold
  •  - Sales Price
  •  - Cost Basis
  •  - Gain or loss for each sale
  •  - A sales type based on how the sale was reported to you and the IRS

 In some uncommon cases, there will be an adjustment code and adjustment amount.

 

 NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

 Here's how to mail your statements:

 If you are e-filing your tax return, then mail your statements along with Form 8453 to:

 

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

 

If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.

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