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June 16, 2024
Question

Are barter and exchange transactions automatically imported into TurboTax returns and reported to the IRS from brokerage accounts, such as Morgan Stanley?

  • June 16, 2024
  • 1 reply
  • 0 views
If the worksheets contain the information, will those be correctly reported to the IRS?

1 reply

rjs
Employee
June 16, 2024

I'm not sure exactly what you're asking. Nothing is imported into TurboTax "automatically." You have to initiate importing of transactions from a brokerage account. If you imported 1099-B information from a brokerage account, all the information that the brokerage provides to TurboTax will be imported and will be reported on your tax return. The brokerage determines what information it provides to TurboTax. If you have an unusual type of transaction you have to check to make sure that it was imported correctly. Mistakes do occasionally occur in importing. You should always check all of the imported information.