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From time to time the broker's format is not compatible with TurboTax.
If you only have a few trades you can post them manually.
Income & Expenses
However, if there are more than a few you can quickly enter this manually also.
Your brokerage statements should include a summary of your transactions, grouped by sales category.
There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status. These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.
Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.
Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.
Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).
Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS.
Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.
Box F. Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).
Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.
You will have to mail a copy of your 1099-B to the IRS. TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.
From time to time the broker's format is not compatible with TurboTax.
If you only have a few trades you can post them manually.
Income & Expenses
However, if there are more than a few you can quickly enter this manually also.
Your brokerage statements should include a summary of your transactions, grouped by sales category.
There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status. These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.
Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.
Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.
Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).
Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS.
Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.
Box F. Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).
Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.
You will have to mail a copy of your 1099-B to the IRS. TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.
John - your answer was most helpful and solved my question. Turbo Tax has a feature where I could upload the PDF and they will send it to the IRS for me. Thank you.
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