Rather than enter many stock transactions from a brokerage statement, can the totals from the 1099-B Summary Section of the statement be entered ?

[CMS_VA_CPA · Accepted solution]

Yes, if the brokerage statement contains the basis for each transaction and reports same to IRS.

Also yes if the brokerage does not report basis information to IRS and you attach the brokerage statement to the return.

[hcliston]

Thank you for this. It's helpful.

Now, could someone tell me WHERE I enter summary data from a 1099-B with many transactions?

Is that on the "Capital Gain (Loss) Transaction Worksheet"?

Or Schedule D?

Is there a special worksheet for summaries? 

Thank you!

[Happy-Tax]

Someone may have a better technique, but this is how I make those entries:

AGGREGATED S/T SALES [BASIS RPTD, PDF ATTACHED], 12/31/19, VARIOUS, S

AGGREGATED S/T SALES [BASIS NOT RPTD, PDF ATTACHED], 12/31/19, VARIOUS, S

AGGREGATED L/T SALES [BASIS RPTD, PDF ATTACHED], 12/31/19, VARIOUS, L

AGGREGATED L/T SALES [BASIS NOT RPTD, PDF ATTACHED], 12/31/19, VARIOUS, L

I separate them like this because each category will generate a separate Form 8949.

I then strip the brokerage consolidated 1099 down to the 1099-B pages, type the client's name and SSN on the first page of the 1099-B, and attach it to the return for efiling.

[hcliston]

Thanks, Happy.