I started trading on IB this year. Due to low commissions, I am trading more frequently and making around 300 trades per month. So I figured I will be making 3600 trades at IB for the current tax year. According to this IB FAQ , Turbotax has a limit of 2500 transaction for TXF import. How do you guys overcomes this limit during tax time?
I had the same issue. You have to mail the 1099-B. Here's Turbotax's reply - 1.Open (continue) your return in TurboTax Online (if it's not already open) and search for stock sales in the upper right corner. 2. Click the "Jump to" link in the search results. If you land on the Here's the investment sales info we have so far screen, delete any transactions you already imported or manually entered. When finished, click Done. Then repeat steps 1 and 2 to get to the Step 3. 3. Answer Yes to both Did you sell any investments? and Did you get a 1099-B? 4. On the Let us enter your 1099-B (import) screen, click I'll type it in myself. 5. When you get to the Let's find out more about your sales screen: a. Check which box(es) apply to your transactions (A, B, C, etc.) b. Scroll down to the bottom and check the box I have many sales and would rather mail them in instead of typing them. c. Click Continue. 6.On the following screen, enter the sum of the total proceeds and cost basis in the appropriate box(es). 7.When finished, click Continue. On the Here's what we've got for these sales summary screen, edit or add more sales (if needed) until you've accounted for all your transactions. Make sure you haven't duplicated transactions or accounts before completing Step 2 below.