Attaching Broker 1099B Transactions

[Stumpedagain]

I have a client who brought their tax information including a Wells Fargo Investment Account with 74 pages of short term trading on the 1099B.  Entering the detail into the Proseries software would take me weeks.  Can I enter summary totals in the software and attach a pdf. of the 74 pages?  God, I hope so....

[Just-Lisa-Now- · Accepted solution]

Yes!  You can summarize and attach as a pdf.

[Stumpedagain]

Hope there is not a limit on the size of the file.   :relieved:

[PhoebeRoberts]

If it's all short-term, it's probably covered, unless your client is investing in weird stuff.

[Marc-TaxMan]

And if you summarize to report the gain correctly, but do not attach the 1099-B as PDF (I do not, ever), no change if taxpayer is audited.

[Stumpedagain]

Thank you to everyone who commented!  I appreciate it.

[sjrcpa]

There is no requirement to attach for covered transaction with no adjustments.

[itonewbie]

If it's all short term frequent trading, more likely than not, there'd be wash sale adjustments.

Hopefully, the client doesn't trade puts/calls, etc. like Phoebe says.

[Stumpedagain]

There is over $5K in wash sale adjustments, so I will just upload a PDF of the whole 1099B.  Thankfully, no puts and calls.  I have advised client this is a fast path to losing it all.  They just sold their business for $500K to retire and put $400K with Wells Fargo to generate 75 pages of short term trading.  They are in their 60s and this is the bulk of their wealth.  I may be wrong, but not smart.....