Capital Gains and Losses

Forum|Forum|3 years ago
April 10, 2023
1 reply
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I completed my 2022 returns using Turbo Premier, it takes me to page to import my financial institution 1099 statement but I am not seeing any content imported and no info in Form "D" - Am I missing somethings?

fanfare

Employee

your import was unsuccessful.

You may have to enter your Schedule D/Form 8949 details yourself.

If you are not excused by the detail reporting exception (below),
IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.

@RamJam

RamJamAuthor

Employee

I think it may have been my error - Turbo Tax states that the form 1099-B* import was successful. However because my gains exceeded my losses from the sale of all stocks for the year explains why no loss was displayed on the Turbotax worksheet? I had expected the imported 1099-B worksheet to show both the losses and the gains however none is included.

I received a Turbotax error message that my imported 1099-INT is missing information, however on visiting my bank website for my 1099-INT there is no form for 2022 because interest income was less than $10. Should I ignore the alert or is there a way to remove the 1099-INT from the Turbo Tax forms so that the error is corrected?

JamesG1

If you imported information from your provider, the detail should be visible on IRS form 8949 / Schedule D Capital Gains and Losses. The gains and losses in the current year will net against each other, but the details should be visible.

Do not ignore the alert. The IRS form 1099-INT may be deleted by clicking the Delete trashcan attached to the entry.