Entering 1099-B transactions

Forum|Forum|1 year ago
February 26, 2025
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I have 3 sections in my 1099B with many transactions in each section. I would like to enter 2 of the sections using the Sales Total method. However, for the 3rd section, I would like to enter each transaction manually.

Two of the sections are all RS sales - can I assume I can use the total cost basis and total proceeds for those?

One of the sections are all ESPP sales, so I would like TT to ask me the appropriate questions for each sale.

I have already entered the two sections of RS sales (using Sales Total method).

How can I now enter the 3rd section of sales manually? It only lets me enter Sales Totals.

Best answer by ThomasM125

Thank you for your response.

Unfortunately, my company does not list out the ordinary income component on my W-2 form. The only way I can figure it out is by going through the TT questions, and entering the corresponding data on the 3922 forms for the ESPP stock. I did go through the ESPP stock transactions (entering each transaction one by one) and have written down the "adjusted cost basis" computed by TT.

Can I use this "computed" cost basis if I enter the ESPP stocks as one entry? I assume I would then enter all 3 sections as a "sales total" if I did this. If I go this route, I assume I would delete this 1099B entry, and then restart it again and choose "enter Sales Totals", to enter all 3 sections. And If I do this, I would need to mail my 1099B to the IRS? (There is no way to upload it to TurboTax if I efile?)

The ESPP stock transactions are in one section (long term, cost basis is reported to IRS). The other 2 sections are codes B and E (cost basis not reported to IRS).

Alternatively, can I enter the stock transactions in the other sections (which are codes B and E) using the "one by one" method, but instead of entering all 250 transactions individually, can I do the following:

If several transactions have the same "sale date", but different "purchase dates", can I enter all of those transactions as one transaction and list the purchase date as "Various" instead? Note that my 1099B does not list the date as "Various", but shows the actual date. I would have to total the # of shares, as well as the cost basis and proceeds of this group of transactions, but I would list it as a single transaction instead.

This would save me some time. Can I do it this way? Also, would I still need to mail in the 1099-B if I list the transactions in this way?

Thank you!

Yes, all of that is fine. The important thing is that your sales as listed on your Schedule D and Form 8949 match the sales listed on the Form 1099-B, as the IRS will check for that. Also, it would be good if the cost basis entered matched the cost basis listed on the 1099-B forms before you enter the adjustment for the ESPP basis. And also, you need to make sure you get the short term and long term gains to match what is on the 1099-B. It is not likely the IRS will even look at the detail, they will just pay attention to the total sales, cost basis and status as short or long-term. There should be subtotals on your 1099-B that you can easily match to what is reported on your Schedule D and Form 8949.

ThomasM125

When you go to the investment sale entry screens in TurboTax you should see the option to enter sales "one by one" :

When you choose that option, you will have the ability to indicate that you are entering ESPP stock and TurboTax will walk you through entering in the correct cost basis:

You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents.

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mellynleeAuthor

Hi,

The problem is that I can no longer get to that screen.

I had first gone to that screen and selected "Enter Sales Total instead", because I wanted to enter the 2 sections (of RS transactions) as sales totals.

But it seems I can only enter Sales Total now.

How can I manually enter some of the transactions one by one?

If I entered the transactions one by one first, can I later add 2 of the sections as Sales Totals?

To summarize: I want to enter 2 of the sections as "Sales Totals", and one of the sections "one by one"