What To Do If You Have Over 10,000 Transactions For TurboTax

If you've conducted more than 10,000 transactions in the last tax year, TurboTax might reject your e-file. You will instead need to submit your summary totals to TurboTax. Follow these steps to stay compliant with IRS instructions.

Step 1. Enter sales totals in TurboTax.

TurboTax Online

1. Open or continue your return (if it’s not already open) and search for ‘stock sales‘.
2. Select the Jump to link in the search results.
3. Answer Yes to Did you sell any of these investments in 2023?
   • If you land on Your investment sales summary, select Add more sales. 
4. On the OK, let’s start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
5. On the Let’s import your tax info screen, select I’ll type it myself.
6. Step through the interview and select Sales section totals when prompted to choose how to enter your sales.
7. You’ll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.
8. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.

TurboTax Desktop

1. Open or continue your return (if it’s not already open) and search for stock sales.
2. Select the Jump to link in the search results.
3. Answer Yes to Did you sell any investments in 2023?
   • If you land on Here’s all the investment accounts we have so far, select Add more sales. 
4. Answer Yes to Did you get a 1099-B or a brokerage statement for these sales?
5. On the screen Let Us Enter Your Investment Sale Info, select I’ll type it in myself and Continue.
6. Enter the name of your bank or brokerage on the screen Which bank or brokerage sent you this form? and Continue.
7. On the screen Tell us about your 1099-B, select I’ll enter a summary for each sales category.
8. You’ll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.
9. On the screen Do you have another sale to enter from your 1099-B? select Yes to enter more sales from your 1099-B, or No to see a summary of the sales you already entered, then select Continue.
10. Once you’ve entered all the sales on your 1099-B, you’ll see a summary of all the sales reported. Select Done.

Step 2. Generate Form 8949

1. Login to your TraderFyles account and choose the ‘Essential‘ tier. If you already have a paid subscription, skip to 2.
2. Choose ‘New Report‘ and then choose one of the two tax reporting options:
   • 1099-B Match (most common) – if you want to generate Form 8949 quickly from Form 1099-B .PDF file or .CSV using our generic format;
   • Audit My Broker, if you want to perform an independent gain/loss calculation to verify your broker(s) reported your gains/losses correctly before generating tax documents. Choose this reporting method if you think your broker(s) may have reported your gains/losses incorrectly.
3. Upload. Upload your transactions using your Form 1099-B .PDF file or transaction history .CSV file to TraderFyles. Note: if you are using .CSV file(s) of your transcation history, you must use our generic format. Template can be downloaded in the app.
4. Review. Once your transactions are uploaded, review them for accuracy. TraderFyles allows you to edit or add transactions if needed, ensuring your tax report is precise. Then, check to make sure your Total Sales Proceeds match the sales proceeds on your Form 1099-B(s). If you have multiple accounts, don’t forget to total them all together and then verify.
5. Generate Form 8949. With your transactions verified, choose ‘Generate Documents‘ to generate the necessary tax documents, then choose ‘Form 8949‘. The form will be generated immediately. Download the file and print it.

If you’re e-filing, you need to mail the IRS a copy of your 8949 (along with Form 8453) within three days after the IRS has accepted your e-file.

Here’s the mailing address:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

For further assistance or queries, feel free to contact our support team at hello@traderfyles.com