Welcome back! Ask questions, get answers, and join our large community of tax professionals.
  • Products
  • Workflow Tools
  • Learn & Support
  • Sign In
  • Products
  • Workflow Tools
  • Contact Us
  • Sign In
  • Learn & Support
    • cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 

    Attaching Broker 1099B Transactions

    Stumpedagain
    Level 3
    ‎12-07-2019 04:20 AM

    I have a client who brought their tax information including a Wells Fargo Investment Account with 74 pages of short term trading on the 1099B.  Entering the detail into the Proseries software would take me weeks.  Can I enter summary totals in the software and attach a pdf. of the 74 pages?  God, I hope so....

    0 Cheers

    This discussion has been locked. No new contributions can be made. You may start a new discussion here

    1 Solution

    Accepted Solutions
    Just-Lisa-Now-
    Level 15
    Level 15
    ‎12-07-2019 04:20 AM

    Yes!  You can summarize and attach as a pdf.


    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

    View solution in original post

    0 Cheers
    8 Comments 8
    Just-Lisa-Now-
    Level 15
    Level 15
    ‎12-07-2019 04:20 AM

    Yes!  You can summarize and attach as a pdf.


    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    0 Cheers
    Stumpedagain
    Level 3
    ‎12-07-2019 04:20 AM
    Hope there is not a limit on the size of the file.   :relieved::relieved:
    0 Cheers
    PhoebeRoberts
    Level 11
    Level 11
    ‎12-07-2019 04:20 AM
    If it's all short-term, it's probably covered, unless your client is investing in weird stuff.
    0 Cheers
    Marc-TaxMan
    Level 8
    ‎12-07-2019 04:20 AM
    And if you summarize to report the gain correctly, but do not attach the 1099-B as PDF (I do not, ever), no change if taxpayer is audited.
    0 Cheers
    Stumpedagain
    Level 3
    ‎12-07-2019 04:20 AM
    Thank you to everyone who commented!  I appreciate it.
    0 Cheers
    sjrcpa
    Level 15
    ‎12-07-2019 04:21 AM
    There is no requirement to attach for covered transaction with no adjustments.

    Ex-AllStar
    0 Cheers
    itonewbie
    Level 15
    ‎12-07-2019 04:21 AM
    If it's all short term frequent trading, more likely than not, there'd be wash sale adjustments.

    Hopefully, the client doesn't trade puts/calls, etc. like Phoebe says.
    ---------------------------------------------------------------------------------
    Still an AllStar
    0 Cheers
    Stumpedagain
    Level 3
    ‎12-07-2019 04:21 AM
    There is over $5K in wash sale adjustments, so I will just upload a PDF of the whole 1099B.  Thankfully, no puts and calls.  I have advised client this is a fast path to losing it all.  They just sold their business for $500K to retire and put $400K with Wells Fargo to generate 75 pages of short term trading.  They are in their 60s and this is the bulk of their wealth.  I may be wrong, but not smart.....
    0 Cheers
    Intuit Lacerte Tax
    Intuit ProConnect Tax
    Intuit ProSeries Tax
    Additional Accounting Solutions
    Tax Pro Center
    Tax Practice Resources
    Call sales: 844-877-9422
    Sitemap

    ©1997-2024 Intuit, Inc. All rights reserved.

    Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

    By accessing and using this page you agree to the Terms and Conditions.

    About Cookies | Manage Cookies
    Legal Privacy Security