How do I enter summary totals from my Form 1099-B or consolidated 1099?
Enter the summary totals for each similar type of investment (long-term or short-term and if the basis was reported to the IRS or not) from your Form 1099-B or consolidated 1099 instead of each stock sale individually.
Example: You have an E-Trade consolidated 1099 that shows all the details for 150 short-term stock sales and the details for 200 long-term stock sales, both of which have basis reported to the IRS (covered). You would enter one record for the summary totals of A - Short-term basis reported to the IRS (covered) and another record for the summary totals of D - Long-term basis reported to the IRS (covered). So, you would only have two entries instead of 350 entries.
You can also enter summary totals from a Form 1099-DA for digital assets like cryptocurrency.
Example: You have an E-Trade consolidated 1099 that shows all the details for 150 short-term stock sales and the details for 200 long-term stock sales, both of which have basis reported to the IRS (covered). You would enter one record for the summary totals of A - Short-term basis reported to the IRS (covered) and another record for the summary totals of D - Long-term basis reported to the IRS (covered). So, you would only have two entries instead of 350 entries.
You can also enter summary totals from a Form 1099-DA for digital assets like cryptocurrency.
