How do I enter a large number of stock transactions in TurboTax?

by TurboTax•172• Updated 3 weeks ago

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.
Go to stock sales.
Answer Yes to Did you sell any of these investments in 2024?
- 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.
Search for stock sales and select the Jump to link in the search results.
Answer Yes to Did you sell any investments in 2024?
- 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 2024 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.