Form 8949 (Sales and Other Dispositions of Capital Assets) records the details of your capital asset (investment) sales or exchanges. Part I of the 8949 shows the short-term transactions (held less than a year) and Part II has the long-term transactions.
When you enter investment sales or exchanges from Form 1099-B or 1099-S in TurboTax, the program will automatically fill out Form 8949 and transfer the info to Schedule D.
However, if TurboTax informs you that you need to submit Form 8453, it's generally because you chose to use the summary transaction method of reporting your 1099B transactions instead of entering individual sales. Note that the form states "Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949".
If that is the case, then the Form 8949 prepared by TurboTax won't include the additional details about the individual sales and you should mail the brokerage (or other) statements that show the details of your transactions to the IRS. Statements should include the following items for each transaction (these are usually reported on your Forms 1099-B or on a supporting statement):
- Description
- Date acquired,
- Date sold,
- Sales price,
- Cost basis,
- Gain or loss for each sale,
- Sale category based on how the sale was reported to you and the IRS, and
- In some cases, there will be an adjustment code and adjustment amount.
Please see this help article for more information.
If you started your 2022 return in TurboTax Online and want to switch to TurboTax CD/Download, here's how.
- Install and/or open your 2022 TurboTax CD/Download
- If you have not purchased TurboTax Desktop software, select the product you need to complete your return
- Important: If your return includes a state, make sure you also install the corresponding state program(s) in order to proceed
- Select Continue From TurboTax Online
- Sign in to your Intuit Account
- Your data will be imported into TurboTax Desktop, and your return will open once the data transfer is complete
See this help article for additional information.
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