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I am working on my 2017 FIT. I have a new "managed" account…

I am working on my...
I am working on my 2017 FIT. I have a new "managed" account with Fidelity that buys/sell a variety of stocks routinely. I just got my tax forms from them, and the 1099-B form has 25 pages of individual stock transactions. They are all short-term transactions for which they report the basis is reported to the IRS. Am I required to enter EVERY one of these in my on-line (Taxact) program, or can I somehow enter them as a group, such that I only report the proceeds, cost basis and realized gain/loss as a single aggregate number. It will take me at least four hours to enter all these, if I have to do each one.
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Answered in 1 minute by:
3/17/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Bear with me just a moment.

I'm reviewing your question now and typing up my reply.

...

I'll post that in just a few moments. Then, let me know if you have further questions on this.

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There are exceptions to the rule that you must report each of your transactions on a separate row of Part I or Part II. Any taxpayer who qualifies can use Exception 1

...

See this from the instructions for 8949, which is the feeder form for Schedule D.

...

Exception 1. Form 8949 isn't required for certain transactions. You may be able to aggregate those transactions and report them directly on either line 1a (for short-term transactions) or line 8a (for long-term transactions) of Schedule D.

...

This option applies only to transactions (other than sales of collectibles) for which:

  • You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g,
  • The Ordinary box in box 2 isn’t checked, and
  • You don't need to make any adjustments to the basis or type of gain or (loss) reported on Form 1099-B (or substitute statement), or to your gain or (loss).
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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,673
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - my name is ***** ***** I have an alternative answer.

You can use the summary method of reporting (you just enter the totals and not each individual transaction).

You will need to mail your complete brokerage statement (Form 1099-B) and Form 8453 to the IRS.

https://www.irs.gov/pub/irs-pdf/f8453.pdf

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,673
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 5 months ago
Having read both sets of docs, it appears that both are likely acceptable. But the "safer" one is probably to use that 8453 form and just mail it end after the e-file. I really appreciate the help!

My pleasure.

I've been using Form 8453 for years for clients.

Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your weekend!

Barb

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It's Form 8435 (I provided the link) NOT Form 8954.

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Form 8453. Sorry for the typo.

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