Report summary of option transactions

[yatoshura]

I received a consolidated 1099-B from Fidelity with several hundreds of transactions. The 1099-B have summaries of the transactions categorized by short/long term and basic reported/not-reported to IRS.

Can I use these categorizations and just report their aggregated total proceeds, basis and wash sales? Or do I need to report every single transaction?

[CesarJ]

Yes. When you receive a consolidated Form 1099-B from Fidelity with many transactions, TurboTax Online lets you report aggregated totals by the sales category instead of every single transaction.

To enter aggregated totals from your consolidated 1099-B in TurboTax Online, follow these steps:

1. Go to the Wages & Income section.
2. Select Stocks, Mutual Funds, Bonds, Other under Investment Income.
3. When prompted, select I'll choose what I work on.
4. Select Enter a summary for each category or a similar option to input totals.
5. Enter the aggregated proceeds, cost basis, and wash sale adjustments for each category as shown on your 1099-B summary (e.g., short-term covered sales, long-term non-covered sales).

This lets you report grouped transactions without entering each one individually.

[baldietax]

if you use sales summaries with adjustments (wash sales, AMD) or noncovered categories you will need to mail the supporting details (1099B as substitute for Form 8949) to IRS on Form 8453; if using TT Online you can upload the 1099B PDF as an attachment with your return to satisfy that reporting.

to avoid the mailing step, if you don't have too many sales items with adjustments you can split the 1099B and enter those items with adjustments as "one by one", and the balance of your return without any adjustments as a sales summary (and check totals on Schedule D).