Enter your TradeLog generated gain/loss totals into TurboTax® Premier online
- Generate and print the Form 8949 in TradeLog.
- Sign in to TurboTax® or create a new account. Navigate directly to the page needed by clicking on FEDERAL, then Wages & Income, then click on Add my income.
Follow the prompts to select the details about your income. Once you have selected all details, press Continue to move on.
- At the Wages & Income summary page, click the Start button next to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
When asked Did you have investment income in 2022?, click the Yes button.
- Click Continue when taken to the next screen.
- You will then be taken to a page where you can import your tax info. Click Enter a different way.
You will then be asked to choose one investment type to start with. Select Stocks, Bonds, Mutual Funds and then click Continue.
Type "TradeLog" for the name of Bank or brokerage, then click Continue. Note: TurboTax® refers to 1099-B even though you will be entering Form 8949 totals, this is correct.
Before completing the next steps, you'll need to identify the sale categories you have for Form 8949. To do this, use the Schedule D Instruction Sheet generated with your Form 8949 by TradeLog. This page can be printed after running the Form 8949 report, but is not included when saving the report as PDF.
Notice in the example below we have highlighted the six rows which correspond to the six possible categories on Form 8949. These lines contain the information you will enter into TurboTax®. The example has only one line which we will use in the following steps for demonstration.
You will enter the totals for Proceeds, Cost, and Adjustments from columns (d), (e), and (g) of the Schedule D Instruction Sheet into TurboTax®.
Note the totals in our example shown below:
To identify the types of sales you need to report, notice that each line on the Schedule D Instruction Sheet identifies either box A, box B, box C, box D, box E, or box F.
For our example, we have sales for box A.
- In TurboTax®, follow the prompts to select the details of the TradeLog Form 8949.
Once you have selected all details, press Continue to move on.
- Follow the prompts to select the details about the sales on your 1099-B. Select Sales section totals, and then click Continue.
You will type the Proceeds and Cost basis in the corresponding boxes. Select the types of sales that correspond to the types listed on your Schedule D Instruction Sheet.
Notice: If there is an amount in column (g) Adjustments for this category, you will need to check the box I need to adjust my total cost basis which will then enable you to enter the Total adjustments to gain (or loss).
You will also need to check off an Adjustment Code identifying the type(s) of adjustment on your Form 8949. For most users this will simply be W (for wash sales). Look through your TradeLog generated Form 8949 to confirm the code(s) you need to enter. Click Continue when you have finished entering the details.
- If you have another sales category to enter, select Add another sales total, and repeat steps. When you are finished, click Continue.
- Verify the Net Gain/Loss for each category matches with that reported on the Schedule D Instruction Sheet generated with your Form 8949 (see the second image below for this example).
When finished, click Confirm and follow the instructions in TurboTax® for your tax return.
Notice the gain or (loss) on the Schedule D Instruction Sheet which should match with that shown for the corresponding category in TurboTax® (see image above).
Savannah from Turbo Tax was very helpful to me. She was very knowledgeable and had answers immediately. Thank You
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