Stocks sale purchase from India - More than 100 line items

[postbox_shashank]

Hi Turbotax team,

I have this stock account in India (Foreign stock sale/purchase). In 2022, I had to sell these stocks. The service provider is not able to generate 1099 as per US requirements. 

The service provider has provided the capital gain/loss report but having way too many line items. I am finding that Turbo tax is seeking this information as per line item via copying and pasting in the system. Do you have any excel based tool by which this data can be loaded directly in the system? 

Please confirm ASAP as it is required for my US tax reporting in 2023.

Thanks,

Shashank

[DavidD66]

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 more sales (if the account you were trying to download is showing, delete it first)
• Click on the box with Stocks, Bonds, Mutual Funds  and click on Enter
• On the Let's import your tax info screen, click on I'll type it myself at the bottom right of the page
• 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.
• click the button "Enter 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.

You will need to mail a copy of your detailed statement to the IRS.  "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

 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.

[postbox_shashank]

Hi Turbotax team members.

I am sad to see that my question was not read properly. I already confirmed that the stock broker in India is not able to provide 1099-B in this case as per the US requirements. This is the reason, i was asking this question. 

As per Turbo-tax, there is a solution of uploading this data manually line by line in the system for reporting.  This is not productive utilization of time. I wanted to know if Turbo-tax can create an excel utility so that this can be managed with ease from next year. I gave similar feedback last year as well but seems it did not fall in the right channel..

Thanks,

Shashank 

[MarilynG1]

You can enter your Category Totals and indicate you did not receive a 1099-B in the Investments section.  You will need to mail a copy of your stock sales documentation with Form 8949 and Form 8453 after you have filed.  Click this link for more info on How to Enter a Summary in Lieu of Individual Transactions. 

This can be a PDF or spreadsheet you create, since you have no 1099-B.   Here's more info on Mailing Form 8949 for Summary Totals. 

@postbox_shashank 

[postbox_shashank]

Hi Marilyn,

Thanks for your response. 

Do you agree that the approach suggested by you is a manual approach of filing this return. We are in this electronic world of doing things. Doing things manually raise a lot of complications and further questions.

Can we make things simple here? One excel upload functionality will make it very simple.

Thanks,

[MarilynG1]

No, many people like to use the Summary Reporting method and send in a copy of their Transaction Detail.  Importing can be tricky, and is not always successful (or correct).  To be honest, the IRS is not really interested in your individual transactions.  They want to know if you had a Gain or a Loss, and was it Long Term or Short Term. 

In TurboTax Online, you can upload a PDF copy of your transaction detail.

@postbox_shashank