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minwei-w-sun
New Member

When I try to import 1099B from my broker, I fail with a notice "your request exceeds the maximum tax records allowed by Turbo Tax". What can I do?

 
4 Replies
DDollar
Level 7

When I try to import 1099B from my broker, I fail with a notice "your request exceeds the maximum tax records allowed by Turbo Tax". What can I do?

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.

Step 1 - Enter the summary data from your brokerage statements on Form 8949

The statements from your brokerage should include a summary of your account transactions for the year as well as the details for each individual transaction.

  1. Open (continue) your return in TurboTax Online (if it's not already open) and search for stock sales in the upper right corner.
  2. Click the "Jump to" link in the search results.
    • If you land on the Here's the investment sales info we have so far screen, delete any transactions you already imported or manually entered. When finished, click Done.
    • Then repeat steps 1 and 2 to get to the Step 3.
  3. Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
  4. On the Let us enter your 1099-B (import) screen, click I'll type it in myself.
  5. When you get to the Let's find out more about your sales screen:
    1. Check which box(es) apply to your transactions (A, B, C, etc.)
    2. Scroll down to the bottom and check the box I have many sales and would rather mail them in instead of typing them.
    3. Click Continue.
  6. On the following screen, enter the sum of the total proceeds and cost basis in the appropriate box(es).
  7. When finished, click Continue

On the Here's what we've got for these sales summary screen, edit or add more sales (if needed) until you've accounted for all your transactions. Make sure you haven't duplicated transactions or accounts before completing Step 2 below.

Step 2 - Mailing instructions for returns with Form 8949
 
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JG1989
Returning Member

When I try to import 1099B from my broker, I fail with a notice "your request exceeds the maximum tax records allowed by Turbo Tax". What can I do?

My statement has about 264 pages....am I supposed to print all of those out and mail them in?

RobertB4444
Employee Tax Expert

When I try to import 1099B from my broker, I fail with a notice "your request exceeds the maximum tax records allowed by Turbo Tax". What can I do?

No, you don't print it out.  Make sure it is a pdf though.

 

TurboTax has a maximum of 4000 transactions for Cryptocurrency.  But you can enter summary totals!  Read on-

 

Go to Investment income and 1099-B.

 

You can substitute the form that you were provided for a 1099-B. 

 

You can enter them in to the sales sections even though your crypto statement doesn't break them out that way.  

 

The four sections are -

 

  • Short term covered (owned the crypto for less than a year and the basis amount that was reported to the IRS is correct)
  • Short term non-covered (owned the crypto for less than a year and the basis amount that was reported to the IRS is incorrect or wasn't reported at all)
  • Long term covered (owned the crypto for more than a year and the basis amount that was reported to the IRS is correct)
  • Long term non-covered (owned the crypto for more than a year and the basis amount that was reported to the IRS is incorrect or wasn't reported at all)

With crypto (and 4000 transactions) most of your totals will fit in the first two.  The IRS will get the statement so you don't have to worry about them being unable to match this stuff up.

 

You have to tell the system you have a 1099-B and then upload the forms that you have as attachments so the IRS can see all of your transactions.

 

JG1989
Returning Member

When I try to import 1099B from my broker, I fail with a notice "your request exceeds the maximum tax records allowed by Turbo Tax". What can I do?

Oh OK thank you...is that somewhere towards the end near final submission? I stopped at the step where it gave me the mail-in instructions.

 

EDIT: They are stock/option transactions, not crypto....not sure if that matters.

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