Importing 1099 statements for stock trades from Brokerage.

Options

I have made a significant number of stock trades in 2023. It would be much easier if you had an import function so those entries could be directly entered online as opposed to manually enter them. Will you be adding this feature in 2023 or 2024?

Comments

  • kiarab
    kiarab FreeTaxUSA Agent
    edited November 2023
    Options

    Hello,

    Thank you for your input. We are constantly striving to improve our software. As of right now, we currently do not support that option and do not know when/if we will be, however we are continually adding new features to the software and we encourage you to check back in the future for that option. You can ask here or contact customer support.

    Have a great day.

  • KristineS
    KristineS FreeTaxUSA Agent
    Options

    Practicality,

    As an alternative, our software does allow you to consolidate your stock trades into one long term transaction and one short term transction by choosing Summary in the Stocks or Investments sold section. You would then either upload your consolidated statement for these transactions or mail your consolidated statement with Form 8453 to the IRS.

  • WestsideTaxpayer
    Options

    Typically brokerages will combine transactions under a summary box (A, B, C, D, E, or F) and generally as 'A' for short-term sales or 'D' for long-term sales with reported cost-basis. For example, in the past with FT USA and other limited tax software, summary reporting works just fine and I report it as "National Brokerage Inc. Summary Long-term D" as the income name type.

  • Trhao
    Trhao Member Level 2
    edited March 20
    Options

    So you can enter the summary trade info for each Box letter and simply attach a PDF of your 1099-B provided by the financial institution to the e-file return? Can you attach more than one 1099-B? I guess there is some sort of 'attach' option when e-filing? Do you also have to attach Form 8453 to an e-file when attaching one or more 1099-Bs?

    I looked at my 1099-B. The first page has the standard Boxes. The subsequent pages with individual trades and summaries for each Box checked says "Form 1099-B" "…Report on Form 8949, Part x, with Box 'X' checked." It is form "OMB No. 1545-0715"

    Notably this would be handy for Box E checked where the basis is not reported to the IRS.

    If I'm understanding correctly, this seems a LOT easier than individually transposing EACH transaction manually!

    Thanks,

  • Trhao
    Trhao Member Level 2
    Options

    Ahah! I see it now - FreeTaxUSA created a 8949 with summary non-covered transaction and SEE STMT. Later under File Attachments I'm required to attach a PDF of the 1099-B. Cool!

    QUESTION: So does this now support multiple 1099s? E.g. if a user had 2 brokerage accounts and received 2 different 1099-Bs? Can they be attached as separate PDFs? Or does one have to find a way to merge them into a single PDF?

    Thanks

  • rachels
    rachels FreeTaxUSA Agent
    Options

    You will usually be asked to attach a summary statement (like a 1099-B) for each of the stock summaries you entered in your account that need something sent to the IRS. So, yes, you can upload more than one 1099-B if you entered more than one stock summary in your account.

  • Trhao
    Trhao Member Level 2
    Options

    Outstanding! Thank you