Importing 1099 B records from Benjamin F. Edwards & Co.

Forum|Forum|2 years ago
March 18, 2024
3 replies
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I have dozens of stock sales reported to me on a 1099 from my brokerage firm. I want to import them so I don't have to enter each one but Turbotax doesn't list this firm to import. I typed in the name and was instructed to choose one from the list. Am I stuck with an hour or more of entering each sale?

Best answer by mglauner

Here's detailed instructions on How to Enter a Summary in Lieu of Individual Transactions.

If you're using TurboTax Online, and proceed through the Sales Section interview screens, you will come to a page where you can drag and drop in a PDF file of your transactions.

The IRS already has copies of your 1099-B's; the Sales Section Totals are acceptable to them, unless certain adjustments are involved. Your Filing Instructions page will tell you if you need to mail Form 8949; however, here's the general guidelines for Mailing Form 8949.

IRS Instructions for Form 8949.

@pandother

rjs

Employee

Not all brokerages are import partners with TurboTax. It's up to the brokerage to decide whether or not to partner with TurboTax for importing 1099-B information. If the brokerage that issued your 1099-B is not an import partner, you have to enter the 1099-B manually.

rjs

Employee

You don't have to enter each sale separately. You can make summary entries. Depending on the type of sales, you might then have to mail a copy of the 1099-B to the IRS to give them all the details.

When you start to enter investment sales, after a few screens you will be offered a choice of "One by one" or "Sales section totals." Select "Sales section totals."

mglaunerAnswer

Here's detailed instructions on How to Enter a Summary in Lieu of Individual Transactions.

If you're using TurboTax Online, and proceed through the Sales Section interview screens, you will come to a page where you can drag and drop in a PDF file of your transactions.

IRS Instructions for Form 8949.

@pandother

pandotherAuthor

Thanks for the help. I didn't know about form 8949, but now I understand. My brokerage statement was 26 pages, so I just made a copy to mail. Saved me many hours of typing and probably many errors.