Unable to load my stock gain/loss page. Unable to do a final review. Is it because I have too many pages from my broker? Do I need the software version?

It very well may be because you have too many transactions for TurboTax to handle.  I can't help if the 1099 download isn't working; however, there is an alternative if your 1099-B won't import.  You can enter category totals instead of individual transactions.  To do so,

• Click on Search
• In the Search Window type Jump to 1099-B
• Click on Jump to 1099-B
• Click + Add an Account (if the account you were trying to download is showing, delete it first)
• Answer Yes to "Did you get a 1099-B or a brokerage statement for these sales?"
• Click on "I'll type it in myself"
• Select you Bank or brokerage and click Continue
• On the page with "Tell us about your "brokerage name" 1099-B" click the button "I'll enter a summary for each sales category"
• Enter your Investment Sale information and repeat to you have entered for each category.

After entering all your category summaries,  Look for "To finish reporting these sales, follow the mailing instructions" and click on the link for these instructions:

 

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 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.

I was hoping that turbotax can handle the volume, I didn't want to enter it manually. :( 

So do I have to enter every stock I traded with the dates, price, share volume, etc....?
That is 130 pages worth. In that case I rather forgo the capital loss. 

 

I still can't go into the 1099 section it spins and spins. 

Steps:
search for jump to 1099b form

result shows "go to 1099-B' 
clicked on it 

windows has a spinner that spins forever

 

Do i need to file my 1099-B if i have lost?

You do need to file the form 1099-B information. The IRS will tax you on the entire proceeds if you don't include the cost basis information on your tax return.

 

You can make summary entries for your categories of income (Code A,B, etc...). As long as you get everything summarized correctly with respect to short term versus long term you should be OK.

 

If you choose to do the summary entry, you should mail in your tax return and attach a copy of the detail of the investment sales however.

thank you, how can I re-entry my 1040 and remove my stock entries that was auto-import?
So that I can enter it manually.

You do not have to enter every transaction.  If you follow the instructions I posted above, you can delete your 1099-B import, and then enter the summary totals for each sales category.  That would be 7 entries at most:

• Box A - Short term covered -short terms  sales with cost basis reported to the IRS
• Box B - Short term noncovered -  short terms sales with cost basis NOT reported to the IRS
• Box C - Short term not reported -  short terms sales not reported to the IRS
• Box D - Long term  covered - long term sales with cost basis reported to the IRS
• Box E - Long term noncovered - long terms sales with cost basis NOT reported to the IRS
• Box F - long term not reported - long terms sales not reported to the IRS
• Box X - Holding period and cost basis NOT reported to the IRS. 

I got some wash sale loss disallowed... i'm not sure if that will affect it, but i'll give your steps a try if i can delete my 1099

i'm going to clear and start over

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.

Please see Maximum Tax Records for additional guidance.

Were you able to submit the summaries even though you had Wash Sale Disallowed?

Per TurboTax and Wash Sales; 

 

If you are receiving an error message because your wash sale was less than $0.49, the system follows suit and reduces this to a zero. However, it does NOT follow suit in that this field does not accept a zero dollar amount whereas the IRS does.

 

Here are a couple of suggestions for you as I am not sure of your complete 1099-B details and potential questions/issues you're encountering:

 

Wash Sale Zero Dollar suggested fix:

 

Given that wash sales RARELY have this type of information ever given in such small dollar amounts, systems are not prepared to properly digest the information (most all tax software systems and I've worked on most all of them). Therefore, depending on your total taxable income thus far, I would try to enter a minimal amount for this wash sale (since you stated that the system is not accepting a zero dollar value in that field) that does not affect your tax rate (effective tax rate calculated in the system). For example, if $5 does not push you into a higher tax bracket or reduce you to a lower tax bracket, then it has no effect on the outcome and might solve the problem. I did try to come up with the same scenario that you are experiencing, but given that I do not have all information, it is not making any difference what I enter or do not enter. I do hope this resolves the hold-up.

 

Alternatively, you can do this given the following:

 

If the wash sale adjustment is $0.49 or less, then it is automatically rounded to zero.  This type of rounding is allowed by the IRS.  Unfortunately, zero is not a valid value for this field -- thus the error message.

 

To resolve the issue, you can edit each individual transaction (although not from the screen in the review process) and delete the amount entered in the wash sale adjustment if it is $0.49 or less.  This will clear the error message.  

 

To do this, you will need to revisit the input section for the Form 1099-B transactions.  Use the following steps:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
• This opens a box where you can type in “1099-B” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to 1099-B”
• Click on the blue “Jump to 1099-B” link
• Click Edit beside the institution name
• Click Edit beside each transaction that contains a wash sale adjustment amount of $0.49 or less
• Delete the wash sale adjustment amount and click Done

If you have too many transactions that would require editing, you can consider deleting your imported information and entering a summary of the different categories of transactions reported on your Form 1099-B (short-term covered, short-term not covered, long-term covered, long-term not covered).  This would require you to mail a copy (not the original) of your Form 1099-B from your brokerage to the IRS within three days of E-filing your return.  The Form 1099-B would be attached to Form 8453, which will print with your return.  I, personally, have not ever seen the IRS request after the fact such information, but that is the "requirement" the IRS sets forth. See below for a little more information on performing this task.

 

Other 1099-B Import Error Messages Suggested Resolve:

 

A simple fix to this is, If you are able to extract your year end statement and it provides you with totals of S/T vs. L/T transactions (you might even have 4 different categories on your statement - depending on if basis was/was not reported to the IRS, so be sure to not miss any sections of the statement), you should separate them out yourself on a spreadsheet, tally up the information for each category of transaction, and enter as such. This is, making sure, of course, that the firm you use is providing you with cost basis and sales price as well as #shs per transaction.

You can also extract to Excel, but that takes more work than step one. What the IRS is looking for is the following:

1. Net S/T Capital Gains/<Losses> , based on purchase date, cost basis, sale date, and proceeds
2. Net L/T Capital Gains/<losses>, based on purchase date, cost basis, sale date, and proceeds

In short, each section of your statement that has a total that states "Has Been Reported to the IRS", will be treated as one transaction for taxability purposes. So, if you have 1, 2, 3, or 4 of these totals lines, then that would be the corresponding number of transactions you will have. Make sure that you do not include any section that starts with "Transactions NOT Reported to the IRS" as these are categorized already by your brokerage firm for you as non-reportable pieces of information.

 

ALSO, make sure you do not miss any dividend and interest income, Foreign Income Taxes Paid, etc., if your statement is all you rely on to report your information to the IRS. 

i got too many transaction as well.
So last year i just put in the summary, but i didn't know that i had to mail a copy of the 500+ pages to IRS.
Would turbotax remind me an give me instruction on the mailing part?

Absolutely! Here you go:

 

Mailing in form 8949, related Schedule D, and supporting Brokerage Firm 1099-B Statement(s) for e-Filing:

1. You need to mail in these forms no later than 3 business days of your return being accepted.
2. Internal Revenue Service.
3. Attn: Shipping and Receiving, 0254.
4. Receipt and Control Branch.
5. Austin, TX 73344-0254.

I HIGHLY recommend that you mail these documents via Certified Mail / Return Receipt Requested as this will be not only your proof of complying with the date of mailing out, but also when you receive back the "green card" RR this is your proof that the IRS received it. 🙂

interesting, last year i had my cpa handle it, and they didn't ask for the 500+ page of documents. I had to tell them to just enter it like i did in turbotax. But this year I want to try to file it myself via turbotax. 
Don't want to risk it heading to their office. 

how do i deal with multiple brokers? let's say i have lost in those brokers and i don't want to deal with claiming the lost, can i just forgo it? and not claim those lost.

And on the complete opposite, let's say i have gains on multiple brokers (robinhood, etrade, ib, etc...). 

Yes.  You can do that if you want but your Losses can offset some of the gain and possibly reduce your taxes.

 

You can manually enter a summary of the losses.  Be careful to total short term loses separately from Long-term. There's a very big difference. The tax law divides capital gains into two different classes determined by the calendar.

1. Short-term gains come from the sale of property owned one year or less and are taxed at your maximum tax rate, as high as 37% in 2020.
2. Long-term gains come from the sale of property held more than one year and are taxed at either 0%, 15%, or 20% for 2020.

If you decide to summarize into Long or Short Term loss use the earliest dates for purchases as the purchase date for the bunch.

 

For additional guidance on Capital Losses see link below.

Capital Gains and Losses

I am getting this issue when my 1099B says i have to review.  I click the review button and it just spins.  I do not have that many transactions.  One stock and not that much money.  How do i get around this?

If you have only one transaction to enter, perhaps the best option would be to enter the transaction manually rather than trying to upload it.  If you are using TurboTax on-line, go to the Income & Expense section, then scroll down the page to Investment Income, and click on the drop down arrow to reveal all the options.  Select Stocks, Cryptocurrency, Mutual Funds...

 

You may have already seen the page "Let's import your tax info."  At the bottom of that page is the "I'll type it myself" button.  Click on that button and enter your information.

 

In TurboTax desktop you will go to Wages & Income under Federal Taxes.  At the page "How do you want to enter your income?" select "I'll choose what to work on."  Scroll down to Investment Income, and select Stocks, Mutual Funds, Bonds.  Answer the questions accordingly, but when you get to the page where you have the option to upload your documents, select the option to "I'll type it in myself."  Then enter your information. 

 

@bartolmi

Never had a problem in prior years.  Also had no problem ever before this year in transferring info from the previous years.  Unable to do either (download from brokerage or transfer prior year info.  Will look for alternate software for the Mac next year

Have you tried clearing your cache and refreshing? This may help. Assistance with doing so has been provided by clicking here. 

My Box A and Box D cap gains show up on Schedule D and form 8949 as Box C and Box F .

How do I fix so that I can Efile using TT Business?

If you imported your stock transactions, you could delete the imported transactions and enter a summary instead (only 2 lines; long-term and short-term).

 

Click this link for info on How to Enter a Summary in Lieu of Individual Transactions.