If the majority of transactions are covered, they can be entered as single line items - 1 long and 1 short. Then the few that are not covered can be entered or done as an attachment. https://proconnect.intuit.com/community/form-8949/help/individual-form-8949-exception-2-to-reporting...
Importing is tedious and sometimes difficult to reconcile.
Thank you. Both links were very helpful. Some questions (exclusively in relation to 1099-B):
1) I assume when data is imported from the client's financial institution, there is no longer any need to report summaries or attach pdf statements, correct?
2) Is there a list of 'participating' financial institutions? I assume one cannot import the data if the financial institution does not participate. That is to say, there are no other workarounds like getting a CSV file from the client and uploading it to Lacerte, etc.
3) Would summary reporting and attaching a pdf copy of client 1099 be acceptable, even if there are numerous wash sale adjustments in the total? i.e. Is summary reporting (entering the totals for Proceeds, Cost, and Wash Sale Adjustments) on a single line acceptable?
Thank you so much for your help.
Ok, that did the trick! Thanks.
One thing about the wording of the standard letter. It says nothing about 'if you do not have an Intuit user account, you can create one ...'. If I customize the letter, will it be saved so I do not have to add the same wording for each and every client I invite?
I tried it on myself and was able to pull in data from Fidelity and Schwab; although with Schwab I had to first log into my account and enable third-party access. But Chase is giving me grief and I haven't been able to resolve it yet!