You may be wondering how many transactions you can import from your brokerage into TurboTax, especially if you do a lot of trading.
For TurboTax Online, the limit is 500 transactions per return. Am I using TurboTax Online?
In TurboTax CD/Download software, the limit is 2,000 to 2,500 transactions per return. The precise limit depends upon how much data is in each transaction, which is why we're unable to give you an exact number for your unique situation.
Whether you're using TurboTax Online or TurboTax software, bear in mind that TurboTax performance may deteriorate as the number of imported stock transactions increase. More info
What if I have more than 500 transactions to import?
If you have more than 500 stock transactions and your total stock sale volume is less than $10,000,000 (ten million dollars), you can use this workaround:
- Make sure you're using the Premier or Home & Business version. If necessary, upgrade by following the appropriate instructions.
- Using a third-party provider, such as GainsKeeper.com or FORM8949.com, generate and print a Form 8949, along with a Schedule D.
- Form 8949 will list your transaction details and totals for each category.
- Schedule D will list your transaction summary.
- Open your return in TurboTax, click the Federal Taxes tab (Personal tab if using Home & Business) and continue to the Your 2012 Income Summary screen.
- Scroll down to the Investment Income section and click the Start or Update button to the right of Stocks, Mutual Funds, Bonds, Other.
- Continue until you get to How Do You Want to Enter Your Investment Sales? Choose the first option, EasyGuide.
- On the next screen, Choose the Type of Investment, go down to the Other section near the bottom and select one Attach a statement option, based on the info on your Schedule D and Form 8949:
- Select broker-reported sales with basis reported to IRS if you have amounts on Schedule D lines 1 or 8, or if Box A on Form 8949 is checked.
- Select broker-reported sales without basis reported to IRS if you have amounts on Schedule D lines 2 or 9, or if Box B on Form 8949 is checked.
- Select sales not reported on a broker statement if you have amounts on Schedule D lines 3 or 10, or if Box C on Form 8949 is checked.
- Don't worry if you need to choose more than one option; we'll show you how to come back to this screen later.
- On the next screen, choose the appropriate term (short, long, or both) and then enter the amounts from the corresponding line on your Schedule D, according to the option you selected in the previous step.
- The column e amount goes in Total Net Proceeds.
- The column f amount goes in Total Cost Basis.
- If you have an amount in column g, select the My statement includes adjustment codes checkbox, and then enter the column g amount in Total Adjustments to Gain or (Loss).
- Click Continue until you reach the Investment Sales Summary screen.
- If you need to enter additional sales, click the Add Another Investment Sale button and then repeat Steps 5-8.
- Otherwise, click Done.
After entering your transactions, complete and file your tax return as you normally would.
Paper-filed returns – Include the Schedule D prepared by TurboTax, but replace the Form 8949 generated by TurboTax with the Form 8949 generated by your third-party provider. Include both Schedule D and Form 8949 with your mailed return, along with any other paperwork specified in the Filing Instructions printout.
E-filed returns – Within three days after the IRS has accepted your return, mail both Form 8949s (the one generated by TurboTax along with the Form 8949 generated by your third-party provider), along with the Form 8453 generated by TurboTax, to the following address:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254