will42j
New Member

How to report on form 8949?

Noncovered transactions are to be reported on 8949/ how do I get this form
LindaA
Expert Alumni

Investors & landlords

TurboTax will automatically generate Form 8949 when you report the sale or disposition of capital assets. For example, when you enter stock sales reported on Form 1099-B, TurboTax will generate the 8949. 

For more information, including how to determine the cost basis of a stock, please see the FAQs below.


To enter Form 1099-B in TurboTax Online:

  • Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click the drop-down arrow next to Tax Tools (lower left of your screen).
  • Select Tools.
  • In the pop-up window, select Topic Search.
  • In the I'm looking for: box, type 1099-b.
  • In the results box, highlight 1099-b, then click GO.
  • You'll land on Did you sell any investments in 2016? Click Yes.
  • Follow the onscreen instructions. You'll be able to enter the 1099-B info yourself or import it if your brokerage participates in the TurboTax Partner program.


How do I find a stock's cost basis? https://ttlc.intuit.com/replies/3300454

What is Form 8949? https://ttlc.intuit.com/replies/3300671

What is a 1099-B?  https://ttlc.intuit.com/replies/3301629

Edited 01.31.2018 07:44PM PST
Jonfatica
New Member

Investors & landlords

On the CD version, how do I trigger Form 8949 adjustments for wash sales? I want to recognize them for “Trader Tax Status”

AmyC
Expert Alumni

Investors & landlords

The program generates forms as you hit the key items.

 

When you are adding the sale of the stock, there is a box that says I need to enter amounts from box 1f, box 1g, or other adjustments. Check that box. You can then list codes and make adjustments for your wash sales. The 8949 will be generated.

 

@Jonfatica

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rwr5420
Returning Member

Investors & landlords

Can I use form 8949 to report an uncollectable loan? If not, where can I write it off?

MayaD
Expert Alumni

Investors & landlords

Can you please clarify what kind of loan?

There are two kinds of bad debts – business and nonbusiness.

Please check the IRS link below for information on how to deduct bad debt.

Topic No. 453 Bad Debt Deduction

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Investors & landlords

I need to add an entry to 8949 for an Opportunity Zone investment, with a "Z" in column (g), per IRS directions.  I understand that TurboTax doesn't support form 8997 to keep track of the OZ investment over the 10 years, but at least need TurboTax to allow me to enter the IRS-required code.

 

 

Investors & landlords

The QOZ is not supported by the TT program since most taxpayers who use that option do not file their own returns so there is not enough call for that form to make it economically viable.   If you used the downloaded version of the program you can make an override in the FORMS mode to include that on the 8949  but you will have to fill in the 8997 manually and include it in the mailed in return since efiling will not be allowed.  

Investors & landlords

The 8949 DOES NOT automatically populate. Can you please send me steps on how to get this? Your POS website wants me to enter everything manually.

JulieS
Employee Tax Expert

Investors & landlords

Yes, Form 8949 does automatically generate, but only after at least one transaction is entered. 

 

Here is where to get started with this form. 

 

  1. Open your return and select Federal on the left side menu.
  2. Select Wages & Income.
  3. Scroll down, or expand the list and find Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto).
  4. Select + Add investments.
  5. Follow the next few screen to import your 1099-B, or select Enter a different way, at the bottom. 
  6. Select 1099-B. 
  7. Click Continue
  8. Answer the remaining questions in the section to enter your information manually, or by importing it. 
     
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Teo93117
Returning Member

Investors & landlords

For my wash sales I entered a W, but that does not work. I also tried MW but it does not work. What code did you use?

HopeS
Expert Alumni

Investors & landlords

A wash sale is when a person sells an investment at a loss and buys or acquires "substantially identical stock or securities" within 30 days prior to or after the sale. The wash sale rule also applies to any substantially identical stocks or securities purchased by your spouse or a company you own.

 

For TurboTax Online, follow the steps below to enter your wash sales:

 

  1. Open or continue your return in TurboTax and search for wash sales
  2. Select the Jump to link at the top of the search results
  3. Answer Yes to Did you have investment income in 2022?
    • If you land on Your investment sales summary, select Add more sales
  4. On the OK, let's start with one investment type screen, select Stock, Bonds, Mutual Funds. Then select Continue
  5. From here, you can import or manually enter your 1099-B
  6. Answer the questions about your sales. Choose to enter sales One by one when asked
  7. On the Now, enter one sale on your 1099-B screen, and enter your info. Check I have other boxes on my 1099-B to enter and enter the disallowed wash sale loss in box 1g
  8. Select Continue and answer any follow-up questions

 

Below is a link with additional information on the wash sale"

 

Wash Sale

 

@Teo93117 

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