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Level 1
February 16, 2025
Question

How can I add Form 8949 with Turbo Tax so don't have to mail it in

  • February 16, 2025
  • 2 replies
  • 11 views
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    2 replies

    DoninGA
    Level 15
    Level 15
    February 16, 2025

    The Form 8949 Sales and Other Dispositions of Capital Assets is completed by the TurboTax program when you enter an investment sale.

     

    To enter an investment sale -

    Click on Federal Taxes (Personal using Home and Business)
    Click on Wages and Income (Personal Income using Home and Business)
    Click on I'll choose what I work on (if shown)
    Under Investment Income
    On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other, click the start or update button


    Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales


    Using the online editions -

    On the screen Did you have investment income in 2024? click on Yes

    On the screen Let's import your tax info click on Enter a different way

    On the screen OK, let's start with one investment type, select the Investment Type and Continue

    On the screen Tell us more about this sale enter a Name and Continue

    On the following screen select the type of investment sale on the dropdown What type of investment did you sell?

    fanfare
    Level 15
    February 16, 2025

    "How can I add Form 8949 with Turbo Tax so don't have to mail it in"

     

    Don't use the summary option.

    However, take note of 

    Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.

     

    The exception does not include wash sales, since they have an adjustment

     

    @bbittle 

    baldietax
    Level 12
    February 16, 2025

    if you're referring to the ask to mail stuff in after inputting 1099-B at summary level but it has adjustments for wash sales or AMD etc; then inputting specific sales from 1099-B as "one by one" instead of sales summaries should generate 8949 for those entries and remove the need to mail things in.  you can enter as a mix, just put the lots/sales with adjustments as one-by-one; and calculate the balance remaining of the 1099-B to input as a summary.

     

    (experience based on desktop version but presumably online is similar)