Entering 1099-B transactions

[janey2]

Does each individual sale reported on the 1099-B have to be entered or can a summary amount between long term and short term be entered instead if cost basis is reported to the IRS?

[IRonMaN · Accepted solution]

You can use the totals ----------------- unless you want to give your fingers a good aerobics work out and enter each sale.  

[RollTide68]

If there is a large number of transactions I will group them by totals:

Short Term Covered

Short Term Uncovered

Short Term not reported

Long Term Covered

Long Term Uncovered

Long Term not reported

[janey2]

Thank you so much for your help!

[IRonMaN]

You betcha!

[itonewbie]

One notable exception to entering the totals would be where adjustments are required as F.8949 will be needed (e.g. Wash Sale).  Even then, you can attach the statement and ask the IRS to refer to the attachment by checking an option on the input screen.