1099-B summary or detail?

Forum|Forum|5 years ago
February 21, 2021
1 reply
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I received a 1099-B statement.

Can I just enter the summary or do I need to enter each trasaction?

Thanks

AnnetteB6

Yes, you can enter a summary of the categories of sales reported on your Form 1099-B. TurboTax will give you guidance at the end of the section about whether you will be required to provide a copy of your Form 1099-B to the IRS or not.

As you work through the Form 1099-B section of your return TurboTax will ask if you want to enter each transaction or just a summary. Choose the summary option and follow the instructions on the screen.

Use these steps to get started:

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “1099-B” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to 1099-B”
Click on the blue “Jump to 1099-B” link

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15April

When entering summary data on stock sales, even though I have no wash sales, TT is defaulting to require that I attach a summary of the sales to the return. That makes no sense. If I have no adjustments, why would I have to provide more than a summary? The TT instructions indicate that should be sufficient but the program is not acting that way...

JohnB5677

If you choose the option to enter a summary instead of entering each sale, then you have to mail a copy of the brokerage statement listing the individual sales. This is an IRS requirement.

If you e-file, TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.

If you file by mail, attach the statement(s) at the back of your tax return, after all the forms and schedules.

In either case, click the "mailing instructions" link in the message at the bottom of the TurboTax page and follow the instructions that it displays.

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