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kungfuzulu
New Member

Why do I have to review 555 investment sales imported from Morgan Stanley?

I've imported my 1099B from Morgan Stanley Domestic and I'm told all 555 sales need reviewing. I have no idea what for, and even when I go through the motions of reviewing and saving, the sales are still in a "Needs review" state.

1 Best answer

Accepted Solutions
Anonymous
Not applicable

Why do I have to review 555 investment sales imported from Morgan Stanley?

maybe the issue is that some trades were imported with no cost basis. 

View solution in original post

4 Replies
Anonymous
Not applicable

Why do I have to review 555 investment sales imported from Morgan Stanley?

 
Anonymous
Not applicable

Why do I have to review 555 investment sales imported from Morgan Stanley?

maybe the issue is that some trades were imported with no cost basis. 

View solution in original post

kungfuzulu
New Member

Why do I have to review 555 investment sales imported from Morgan Stanley?

Okay, that would make sense - thank you!

fanfare
Level 15

Why do I have to review 555 investment sales imported from Morgan Stanley?


You have the option to summarize your transactions by Sales Category.

IRS requires details to be listed on Form 8949, or on your own forms (e.g. consolidated 1099-B) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.(unless you have attached a PDF of the transactions details to your e-Filed return. TurboTax does not offer this feature).

Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. TurboTax won't ask you about wash sales if you don't check the box.

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As an active investor, be aware that your category Box A sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a.
--
If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form to know how much to subtract. Be sure to NOT check the adjustments box in the summary window.

--
Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.

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