Entering Form 8949 Totals Into TurboTax®

Limitations: be aware that amounts over 9,999,999.99 cannot be entered into TurboTax®.   TIP: To override this limitation, break your amounts into multiple lines. It will appear in TurboTax® as two or more 1099-B entries:   The total of all lines should equal total from Form 8949:

•  Generate and print the Form 8949 in TradeLog.

 

• Follow the prompts to select the details about your income.

   

  

  Once you have selected all details, press Continue to move on.

   

  

  
   
• At the Wages and income summary page, click the Start button next to Stocks, Mutual Funds, Bonds, Other.

If the Stocks, Mutual Funds, Bonds, Other section does not appear under Your Income, then click the Add more income button.

Then scroll down to the Investment Income section, click Show more, and then click the Start button next to Stocks, Mutual Funds, Bonds, Other.

• When asked Did you sell stocks, mutual funds, bonds, or other investments in 2019?, click the Yes button.

  
  
  
• You will then be asked Did or will you receive a 1099-B form or a brokerage statement for these sales? Select Yes as it applies, and then press Continue. Note: TurboTax® refers to 1099-B even though you will be entering Form 8949 totals, this is correct.

 

• Type "TradeLog" for the name of Bank or brokerage, then click Continue.

  
  
  
   
• 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.

• Select Let's enter a summary, and then click Continue.
  You will enter 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). Scan 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 summary, and repeat steps. When you are finished, click Continue.

• TurboTax® will now display a Summary of what was entered.

   

  The summary page will display the Sales you've reported.

  
  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 Continue 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).