You will go to Investments
To enter your Investments sold
Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Stocks, Bonds, Other, click the start or update button
Then when you say were the 1099B is from and then you will type it yourself, you will get a screen titled, Tell us about your ABC 1099B, then you will select 2nd one down that is I'll enter a summary for each sales category.
TurboTax will generate a transmittal that will outline the below that needs to mailed into IRS.
You do need to mail your (1) supporting statements,
such as your brokerage statements (Form 1099B) and (2) Form 8453.
When you use this summary method of reporting (i.e. you just entered
your totals and not each individual transaction), in some cases, the IRS
still wants the supporting details sent to them. You will send
them these details via the 1099B forms (you can attach the summary 8949
also, but you don't have to and you should not re-list all the
transactions on Form 8949 yourself if you are already using the summary.
Note: In limited situations, you’re allowed to summarize
investment sales without providing complete details. If you are
summarizing multiple investment sales that are either Box A sales or Box
D sales, and there are no adjustments necessary (i.e. Code W for wash
sales), then it is not necessary to mail in a statement with further
details. Turbotax will tell you this when your sales meet the criteria and will not prompt you to mail any statements.
So, if you are being prompted to mail further statements, Form 8453 says to attach Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949.
When you use the summary method, TurboTax only produces a Form 8949 with the summary totals that you entered, not the individual transactions, so the Form 8949 that is included in your return is NOT sufficient for this purpose. (Though, you can include it with the mailing as a reference)
You need to use Form 8453 to mail the brokerage statements
that show the details of your transactions. Statements should include
the following items for each transaction (these are usually reported on your Form 1099-Bs😞
- Description
- Date acquired,
- Date sold,
- Sales price,
- Cost basis,
- Gain or loss for each sale,
- Sale category based on how the sale was reported to you and the IRS, and
- In some cases, there will be an adjustment code and adjustment amount.
NOTE: As discussed above, any sales summaries that include only
Box A or Box D sales, and which have no adjustments to gain/loss, do not
need to be included on a statement mailed to the IRS.
If you are e-filing your tax return, then mail your statements along with Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
