How do I go about filing form 8949 if I have over 10000 financial transactions? Printing the form would be more than 500 pages.

You can send in a Form 8949 listing each and every trade or a substitute schedule that conforms to the Form 8949 in terms of reporting the required information.  I expect that if you look closely at your 1099-B you'll find that it would be a suitable substitute.  Mail in a copy of that.

Tom Young

you only have to itemize on form 8949 those transactions with adjustments.

Depending on how many wash sales you got yourself into, this could be a simple matter of manual entry.

if you are an active investor you should be aware that Box A and Box D transactions with no adjustments do not have to be itemized on Form 8949. Thus there is no reason to import those transactions.

instead report subtotals on schedule d Line 1a  for A and Line 8a for D

If you have wash sales, it gets more complicated since those have to be itemized on Form 8949 and the summary totals adjusted accordingly

The 1099-B statement we get is also 326 pages long. The broker just allows a pdf download. I can't understand why turbotax doesn't allow pdf attachments like TaxAct does? See below is the page index of my 1099-B from broker. Page 2-309 are 1099-b transactions. Or are you suggesting we only mail Page 1 which is summary of form 1099-B?

I see other s/w like tax act have an option to attach pdf and I spoke with turbotax EA/cpa and support and they say there is no way to attach a pdf to return and have to manually send it in... Crazy stuff...

there's no way to do it with TurboTax...
The other software supports PDF attachment only in the one scenario : code M on Form 8949.

Hello, I was wondering if you could please share the outcome of your scenario as I find myself in a similar case where the transactions are too many to be typed or automatically loaded into the 8949.

What was the outcome?

Did you have to mail all 500 to 800+ pages with an 8453?

Or did the IRS require you to go in a different route? 

Thank you in advance. Any information will be helpful.

Click this link for info on conditions where you would mail in Form 8949. 

@MarilynG1 

Thank you. I understand the conditions as to when you have to mail the statements (when there are adjustments and summary format was used) but what I am looking to find out is what is done in his scenario where he had over 500 to 800+ pages in transactions with and without adjustments. Since the summary format was selected, one has to mail all 500 to 800+ pages with the 8453? 

In that sense, what in specific has to be mailed?:

   - All pages of 1099B (which was sent to the IRS by the broker)?

   - or all pages of Year-End Summary (not sent to IRS by the broker and has the same large number of transactions pages as the 1099B )

   - or both/1099B and Year-End Summary which is the entire tax package received from the broker? 

Any help will be appreciated.

Since you entered a summary of the stock transactions, include the following with transmittal Form 8453:

1. Form 8949; and
2. All pages of the 1099B.

You do not have to include the Year-End Summary.

@hopes2120

the rule (clearly explained in IRS instructions) is :

a) covered transactions without adjustments do not require Form 8949.
b) covered transactions with adjustments (i.e. wash sales) must be detailed on 8949 or your other forms in the manner of 8949.
--
If you summarize a) no mailing is necessary.
If you summarize b) either attach (*) or mail in the details .
(*) some users report TurboTax may prompt you to attach a PDF file of details.
Box A and Box D are your covered transactions.

NOTE:

a) is the only Exception to the IRS requirement to list in detail every closing transaction you make during the year.

contact IRS to find out if you can send details on electronic media, i.e. DVD.

I haven't seen any IRS info on this on the IRS website.

best option:

use that other tax provider software that will definitely accept a PDF file.

You can even separate it into multiple part PDFs if your file is too huge.

You have to move to tax software that will handle your circumstances.

@fanfare 

Thank you!

I am in the same predicament so I looked a bit deeper... I found on page 5 of the IRS' Instructions for Form 8949 (2020) which says:

"Stock acquired on various dates. If you
sold a block of stock (or similar property)
that you acquired through several different
purchases, you may report the sale on one
row and enter “VARIOUS” in column (b).
However, you still must report the
short-term gain or (loss) on the sale on
Part I and the long-term gain or (loss) on
Part II." 

I hope this helps.

It depends. You can enter summary transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." You'll enter the summary info instead of each individual transaction.

1. Open or continue your return (if it's not already open) and search for stock sales.
2. Select the Jump to link in the search results.
3. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?.
   • If you land on Your investment sales summary, select Add more sales. 
4. On the OK, what type of investments did you sell? screen, select Stocks, Bonds, Mutual Funds, then Continue.
5. When asked how you want to enter your 1099-B, select I'll type it myself.
6. Answer the questions until you can select Enter sales section totals rather than entering sales one at a time.
7. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.

@DaveF1006 

Thank you, but my question is not that, my question is: What is done in his scenario where he had over 500 to 800+ pages in transactions with and without adjustments (which were entered as summary as you described). Since the summary format was selected, one has to mail all 500 to 800+ pages with the 8453? 

In that sense, what in specific has to be mailed?:

   - All pages of 1099B (which was sent to the IRS by the broker)?

Thank you in advance. 

Yes, the entire 1099-B would need to be mailed to the IRS when a summary transaction is entered.  You may need a big box.

My 8949 (Form 1099-B) form is over 240 pages. Should I print it out and send the entire document?

I entered the totals of all reported transactions in Schedule D Part 1b (d) and (e).  Since the number of transactions crossed the max limit, Turbo tax could not automatically import from my Fidelity account. 

Once again the so-called "experts" are giving misinformation.

At tax time, you have the option to summarize your activity by Sales Category.

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.

Category A and D are the covered transactions.

If you summarize (recommended),

you only need to supply details of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.

In other words, for active investors, generally this is a list of the Wash Sales.

Note: turboTax may suppress some covered transactions without adjustments. For those, no mailing is required !
--
If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)

If you were wise enough to avoid wash sales, you won't have to list or mail anything.

I'm still not clear on this exact topic- can anyone please help?

I had some sales whose cost basis was not pulled through my etrade account so I had to enter them manually. Those are now the pages that I think are forcing me to mail form 8453 plus accompanying 8949 pages.

I have 200 pages that make up the 8949 portion of my tax return. ALL of the pages (except for 3) are marked: (A) Short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see Note above).

Am I required to mail all 200 pages, or can I mail ONLY the 3 pages that were either marked B (basis was not reported to the IRS) or E?

I have about 400 transactions but there is a limit on how  many will print out on form 8949.

i am aware I can file summary totals and then mail a full 8949 with coverform 8453 after filing.

BUT I want to avoid mailing anything.

Earlier versions of turbotax premier allowed me to submit the entire 8949.  Why did turbotax decide to limit printout in the 2022 version

Regarding stock and options, for Box A and Box D, only wash sales have to be itemized on Form 8949.

The other transactions without adjustments can be aggregated. Report the sub-totals of cost and proceeds for those transactions on Schedule D Line 1a or Line 8a respectively.

If you have no wash sales, there will be no form 8949, No attachment is necessary. No mailing is necessary.

If you provide all  details of all wash sales on your e-Filed return, no mailing is necessary.

@marvin5679