How to handle thousands of stock transactions with TurboTax desktop? With online version can enter summary, but I haven't found how to do that in desktop version.

[MichelleT]

What do you mean "can enter summary" ? what section are you in?

[Arthur3]

Sorry, I was confused by the guide when input my question.

[MichelleT]

Ok, I will get someone to help you with this.

[MichelleT]

Thank you Teresa!

[Arthur3]

Thank you, Teresa and Michelle!

[MichelleT]

You are welcome!!! I see that Teresa was very helpful!

[TeresaM]

I'm glad we were able to help.

[Arthur3]

Hi Teresa, I'm still somehow confused. 1. I should put sum of all transactions into this page, right? The link "how do I figure this out" confused me. 2. "wash sale loss disallowed" should be put into "Total adjustments to gain or (loss)", right?  Thanks

[TeresaM]

There is a checkbox at the bottom and if you click on that, it will give you the place to make any adjustments.  
After entering all your category summaries,  Look for "To finish reporting these sales, follow the mailing instructions" and click on the link for instructions.

[Arthur3]

Thanks, I think I understood now, will try it.

[TeresaM · Accepted solution]

You should be able to enter 2,000 transactions per brokerage account but you can also enter a summary or grouping similar transactions, several summaries.

You can report individual sales as well as summaries for the same account. Let’s say you have an actively traded account with 500 stock sales that are all Box A or Box D sales. Only 3 of the sales require any adjustments. In this case, you can report the 3 sales that require adjustments individually. Then you can report all the remaining sales by entering two sales summaries, one for all the Box A sales that don't require adjustments and one for all the Box D sales that don't require adjustments. By entering just 5 sales, you've covered all 500 sales and don't need to mail in any additional info.

In the CD/Download version of TurboTax:

• Open your TurboTax return and click on the Personal tab, at the top
• Click on Personal Income and then, I’ll choose what to work on
• Scroll down to Investment Income and click on Show more
• And then on Start or Revisit to the right of
• Stocks, Mutual Funds, Bonds and Other
• Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
• If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
• On the Choose Your Bank or Brokerage import screen, select I'll type it in myself
• Select or enter your brokerage on the next screen and Continue
• On the following screen Tell us about your 1099-B select the second option, I'll enter a summary.
• On the same screen, enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Done.

Follow the onscreen instructions to enter additional sales or to view a summary.

Please the screen shot on the bottom left of the answer.  When you click on I'll enter a summary, it will pop open the entry fields.

[fanfare]

If you have wash sales, then it becomes more complicated . They have to be listed separately.
The subtotals for wash sales on Form 8949, and the subtotal for sales with no adjustments on Schedule D Line 1a, should add up to the grand totals for your Sales Category BoxA on your 1099-B

If you have too many wash sales, and. too many altogether to import, it may be easier to use the Mail-in election.
There's no way to tell TurboTax to import only the transactions with adjustments (hint to developers).

[Arthur3]

Thanks. I'll do e-file and "mail-in statement" to make things easier, just want to be clear on how to input the summary.

[cdelaney1117]

I have similar questions: 

1. I have too many transactions on 1099-B to import to Turbo Tax (including the desktop/CD version).  There are a ton of wash sales so my understanding is they have to be listed individually and there's no way I can manually do that for so many.   To confirm, do I have to list all Wash sales individually or only sales where a I need to make an adjustment to  what the broker listed on the 1099 as the disallowed amount?
2. If the answer to the above is that all sales with a W need to be individually listed on my return, should I enter summary totals in Turbo Tax and then mail the full 1099 that has all of the transactions along with my return?  Doesn't make much sense to me since the broker already reported my 1099 to the IRS so was wondering if I need to submit something different for those?