Question

Employee stock sale

Forum|Forum|5 years ago
February 6, 2021
1 reply
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I have stock sales to report from an ESPP. The stock is issued monthly via payroll deduction therefore the sold stock was purchased over several months. Some of the shares are classified as long term gains and short term gains. I do not have the tax form yet but am curious as to how I would enter the sale. What I have seen so far only allows me to select short term or long term and I do not want to enter each date individually. Can I enter the sale as two transactions, one as a short term with the correct number of shares and one as long term?

DaveF1006

You can enter summary transactions into your Turbo Tax program that will reduce the number of entries made Here is a step by step instruction on how to report summary transactions in Turbo Tax found in this link.

How to enter a summary in lieu of individual transactions

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.

Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
Select the Jump to link in the search results. if you use Turbo Tax online, you will go to federal>wages and income>investment income>show more
Stocks, Mutual Funds, Bonds, Other (1099-B)
Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
- If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
When asked how you want to enter your 1099-B, select I'll type it in myself.
Select or enter your brokerage on the next screen and continue.
On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
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
Once you are done, you will be able to efile your return but it will give you instructions to mail in a copy of your 1099-B to the IRS. Turbo Tax will provide you with complete mailing instructions.