How do I enter more than 500 stock transactions in TurboTax Online?
TurboTax Online 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.
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.
- Open (continue) your return in TurboTax Online (if it's not already open) and search for stock sales in the upper right corner.
- 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.
- Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
- On the Let us enter your 1099-B (import) screen, click I'll type it in myself.
- When you get to the Let's find out more about your sales screen:
- Check which box(es) apply to your transactions (A, B, C, etc.)
- Scroll down to the bottom and check the box I have many sales and would rather mail them in instead of typing them.
- Click Continue.
- On the following screen, enter the sum of the total proceeds and cost basis in the appropriate box(es).
- 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.
After entering your transactions, complete and file your tax return as you normally would. Be sure to follow these extra instructions:
E-filed returns – Within three days after the IRS has accepted your return, mail the Form 8949 generated by TurboTax, a copy of the summary statements provided by your broker, and the Form 8453 generated by TurboTax, to the following address:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
Paper-filed returns – Include the Schedule D prepared by TurboTax and a copy of your transaction summary from your broker or financial institution. Include both Schedule D and Form 8949 with your mailed return, along with any other paperwork specified in the Filing Instructions printout.