Form 8453

Forum|Forum|3 years ago
April 3, 2023
1 reply
4 views

After I e-filed, TurboTax is telling me that I have to fill out and mail Form 8453. On this form, the box for Form 8949, Sales and Other Dispositions of Capital Assets, is checked. However, all my sales of capital assets were reported electronically on Form 8949. Why is TT telling me that I have to send a paper form? Is this a bug? Has anyone else experienced this?

Mike9241

Level 15

we can't see what you entered. if you entered summary totals on the form rather than details of each trade, then the filing of 8453 with the detail of trades is required. most likely if you look a the 8949 and the column for codes you'll see an M which means it's a summary total of various trades.

Mike9241

roxandnateAuthor

Level 2

Mike9241, thank you for your answer. It was indeed the case that a summary total, with code M was entered for one line on 8949. However, it was not a summary - but a single transaction, which was marked incorrectly as a summary. When I corrected it, TT stated that everything is complete and I do not need to file additional information. Unfortunately, I had already filed (I wish TT had said that I need to file 8453 BEFORE I transmitted my e-file, and then I could have corrected this). Unfortunately, the only option to correct this now would be to file an amended return. Should I do this or just mail in the 8453, along with the details of this one trade (and perhaps an explanation that it was indicated incorrectly as a summary)?

DMarkM1

Level 15

No. Don't send anything else in. You have reported all the transactions and your tax is correct. If the IRS needs to see any more information they will ask. Just be sure to keep notes with your tax documents to remind yourself what happened should the issue ever come up.

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