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Level 2
February 18, 2021
Solved

Incorrect 8949 short-term transactions box checked

  • February 18, 2021
  • 1 reply
  • 32 views

Before my 1099-B was available from my broker, I went through the preparation process and answered "no" to the "have you received a 1099-B" question, resolving to update this when the 1099-B became available. When the 1099-B became available, I edited the existing investment information to provide my realized gains summary information. In hindsight, this was pretty stupid and set up this entire chain of events. What I should have done was delete my existing 1099-B record in turbotax & create a new one to answer "yes" to the 1099-B question. I was notified AFTER e-filing my federal taxes that I am now required to provide forms 8453 & 8949 by mail. Had this notification occurred before e-filing was submitted (it's not very good UX to be sidelined by this notification AFTER filing), it would definitely have been enough of a flag for me to review the 1099-B with more careful attention.

 

That aside, on form 8949 I should have checked box A for 1099-B showing basis was reported to the IRS (according to documents from my broker), which would have negated the necessity for 8453 & 8949. The confusion I have is: do I amend my filing to update the 8949 from box C to box A, or would mailing 8453 with the "recipient copy" of the 1099-B provided by my broker be adequate?

 

Thanks in advance.

Best answer by npierson777

You don't have to amend your filing to change the mark sign of the boxes, it isn't critical mistake and won't affect your tax return. You need to add a copy of your Form 1099-B to your Form 8453 and mail it the the IRS.  

1 reply

Level 10
February 20, 2021

You don't have to amend your filing to change the mark sign of the boxes, it isn't critical mistake and won't affect your tax return. You need to add a copy of your Form 1099-B to your Form 8453 and mail it the the IRS.  

Level 2
February 20, 2021

This is what I suspected. I'll do things this way and see how it goes. Appreciate your attention to this question.