how do i enter multiple stock sales for a single 1099-b when the number of shares exceed TT limit

Forum|Forum|6 years ago
January 31, 2020
1 reply
0 views

I received a single 1099-B from my employer that shows the total proceeds for multiple ISO stock I sold. This is from multiple lots acquired over several years and they are all different sales as the basis and gain are different for each.
In TurboTax (Premiere) when I say I got a 1099-B then it tries to use the TOTAL (from the 1099-B line 1d "proceeds") for EACH sale I enter. When I walk thru each sale then I get to "Enter Your Sales Information" page it limits the number of shares and I have more than the 99,999 it allows. So my total number of shares is larger than TT will allow and then won’t match my 1099-B
I have used TT each of the years and tracked via the ISO step thru model so the data is there and AMT impacts. Looks like I have to re-enter that data but then I run into the max share problem.
Any thoughts or help would be appreciated.

ColeenD3

You have two options.

1) There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses. These include:

Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949.
Taxpayers can omit transactions from Form 8949 if:
- they received a Form 1099-B that shows that the cost basis was reported to the IRS, and
- the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term).

If one of the exceptions apply then the transactions can be summarized into short-term and long-term and reported directly on Schedule D without using Form 8949. If an exception applies you can still voluntarily report your transactions on Form 8949 which might be easier if you have some transactions that meet the exception requirements and some that don't.

2) If you have more than 500 stock transactions with a total sales volume of less than ten million dollars, you can switch to the TurboTax CD/Download software (which handles around 2,000 transactions per brokerage) or enter the transactions on Form 8949 using summary data from your broker statements.

Related Information:

tkbirdieAuthor

Thank you for the reply.

I think I need to clarify my question.

I only have 4 transactions that are part of the single 1099B.

Each of those transactions have different Option Grant dates, different Exercise dates and different strike and price at time of exercise. All were sold at same price in 2019 which is why I got the 1 1099B for all combined. I could summarize those into one costs basis, but the issue I have is that if I add all together the number of shares for the total exceeds the number of shares TT allows me to enter. Ideally I would enter each of the 4 transactions with grant, exercise, strike and price at exercise and sales price at date of sale separately and they would all be under the one 1099B.

DavidD66

Split your one transaction into four separate transactions. You could also enter as a single transaction and use 1 as the number of shares, then indicate the actual number in the description of the asset. The IRS is not interested in the number of transactions reported, nor are they interested in the number of shares. They are primarily interested in $$ amounts for proceeds, and to a lesser extent cost basis.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"