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Level 2
February 23, 2022
Question

1099-B

  • February 23, 2022
  • 5 replies
  • 45 views

I have a client with 70 pages of 1099-B transactions. I also have a form 8949 with a summary of the 1099-B transactions. Do I have to input all of the 1099-B transactions onto schedule D?

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    5 replies

    George4Tacks
    Level 15
    February 23, 2022

    No.

    How depends on the software you use.

    Answers are easy. Questions are hard!
    sentrytaxAuthor
    Level 2
    February 24, 2022

    I'm using proseries professional. 

    George4Tacks
    Level 15
    February 24, 2022
    Answers are easy. Questions are hard!
    Intuit Community Champion
    February 24, 2022

    No.  

    What I do is input the summary, e.g. "Charles Schwab Short Term Covered Trades" and provide the total proceeds and cost basis for the sales.  I then save the documentation detailing the individual trades as a PDF document, and then I attach the PDF file to the return before e-filing it.  So far, this has not created any problems for me.

    Of course, this runs into problems when you have a day trader with a hundred pages of trades -- there is only a certain size of PDF documents allowed before the e-file process falters for a given return.

    Level 10
    February 24, 2022

    No you don't have to input all the transactions.

    Transaction Code's A and D do not need to be attached.

    If the transaction code's are other than A or D, you can summarized the 1099-B line by line for totals of transaction groups (Short Term - Basis not reported, etc.) but on those your are supposed to attach the 1099-B as a PDF to be transmitted with the return.

    At least that is my understanding and practice. (Though sometimes if it is easier when copying / scanning I send it all rather than peeling out the A and D pages)