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

by TurboTax•234• Updated 1 month 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 the Let’s finish pulling in your investment income screen, select Add investments.
On the Let's import your tax info screen, select Enter a different way.
On the OK, let’s start with one investment type screen, select Stocks, Bonds, Mutual Funds.
Continue through the interview and select Enter sales totals instead when prompted.
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 have investment income in 2024?
- If you land on the Let’s finish pulling in your investment income screen, select Add investments.
On the Let Us Enter Your Bank and Brokerage Tax Documents screen, select Skip this Import.
On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds.
Continue through the interview and select Enter sales totals instead when prompted.
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.

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 2023 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 .tax2023 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 talk about your income next, select Add my income.
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.
On the screen Your income and expenses, scroll down to the Investment income section.
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 Open a different return 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.