1099-B Entry - There must be an easier way

4 replies
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I focus on business returns for Amazon sellers. Sometimes I do personal returns because the amazon seller is a single-member LLC so I am completing schedule C. As a result, I end up completing returns that have capital gains and losses from trading activity. I have at least 2 returns where they have been day trading and have 20 page 1099-Bs. I am manually entering the information, but I assume there is a better way. Intuit Link doesn't appear to be able to import these so what I am missing. If manual entry in the only way, I underpriced the return big time.

ProConnect Tax

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George4TacksAnswer

Level 15

If they are all short term and the basis has been reported, then yes, just one entry. Actually you don't even have to attach for that scenario. Look at the Schedule D, they should all show up on line 1a.

Answers are easy. Questions are hard!

George4Tacks

Level 15

https://proconnect.intuit.com/community/form-8949/help/attach-a-summary-statement-to-schedule-d-form-8949/00/5333

Answers are easy. Questions are hard!

F

freshy70Author

Level 4

Thanks. So according to those instructions, it looks like I can just enter the total proceeds, total cost basis, etc. for all securities sold short-term and then just attach the 1099-B instead of entering all of the individual sales? Am I reading that correctly?

George4TacksAnswer

Level 15

If they are all short term and the basis has been reported, then yes, just one entry. Actually you don't even have to attach for that scenario. Look at the Schedule D, they should all show up on line 1a.

Answers are easy. Questions are hard!

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