TurboTax is equipped to handle around 10,000 individual transactions per brokerage account.
If you hit the transaction import limit, you can enter a summary for each sales category.
Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.
You'll enter the summary info instead of each individual transaction. Select your product below for instructions:
TurboTax Online
- Open or continue your return (if it's not already open) and search for stock sales.
- Select the Jump to link in the search results.
- Answer Yes to Did you sell any of these investments in 2023?
- If you land on Your investment sales summary, select Add more sales.
- On the OK, let’s start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
- On the Let's import your tax info screen, select I'll type it myself.
- Step through the interview and select Sales section totals when prompted to choose how to enter your sales.
- You'll now be able to 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 Continue.
- You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
TurboTax Desktop
- Open or continue your return (if it's not already open) and search for stock sales.
- Select the Jump to link in the search results.
- Answer Yes to Did you sell any investments in 2023?
- If you land on Here’s all the investment accounts we have so far, select Add more sales.
- Answer Yes to Did you get a 1099-B or a brokerage statement for these sales?
- On the screen Let Us Enter Your Investment Sale Info, select I’ll type it in myself and Continue.
- Enter the name of your bank or brokerage on the screen Which bank or brokerage sent you this form? and Continue.
- On the screen Tell us about your 1099-B, select I’ll enter a summary for each sales category.
- You'll now be able to 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 Continue.
- On the screen Do you have another sale to enter from your 1099-B? select Yes to enter more sales from your 1099-B, or No to see a summary of the sales you already entered, then select Continue.
- Once you’ve entered all the sales on your 1099-B, you’ll see a summary of all the sales reported. Select Done.
Instructions for TurboTax Desktop users with adjusted cost basis
- Sign in to TurboTax Online. You’ll eventually return to TurboTax Desktop.
- Start a new tax return.
- If you have a TurboTax 2022 tax return you filed last year, follow the steps below to upload it to TurboTax Online. If not, skip to step 10.
- In the left navigation menu, select Tax Tools, then select Tools.
- Select Transfer last year's TurboTax return from your computer.
- Select Continue on the Are you sure? screen.
- On the screen Transfer Last Year’s TurboTax Return, select Choose File to select your TurboTax .tax2022 tax return you filed last year, then Continue.
- The screen will display Uploading your TurboTax Desktop file, along with a spinning circle.
- When the screen changes to Transferring Your Information, select Continue.
- Select Federal in the left navigation menu.
- On the screen Let's work through your income this year, select Let's get started.
- On the screen Does the income from last year's return still apply?, answer according to your situation and select Continue.
- On the screen Let's find other income we may have missed, answer according to your situation and select Continue.
- When you see the screen Wages and income, select add more income. Scroll down to the Investment income section and select Show more.
- Next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), select Start.
- Answer the questions on the following screens and import your stocks when prompted.
- Once you're done importing your stock transactions, select Tax Tools from the left navigation menu, then select Tools.
- Select Save your 2023 return to your computer. This will save your .tax file to the Downloads folder on your computer.
- Open your TurboTax Desktop software, and select Find a Tax File on the homepage. Locate the file you just downloaded and select Open to import it into the program. You can now finish your taxes using the desktop software.
