Imported 1099-B creates Capital Gain (Loss) Adjustments Worksheet for each transaction

[JoshB1]

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@Todd-Greeno wrote:

How did you get the TurboTax Premier from Fidelity?...

I have accounts with Fidelity, but never saw an offer like that (maybe I missed it?)

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It will be on your Fidelity.com Dashboard "Summary" page - you might find it here - I have Fidelity Premium Services and I made quite a few trades in 2020 so that might be why I got it...

So I've reimported all of my Fidelity forms and I'm now seeing new screens that I didn't see the first time I went through this around Foreign Tax and Dividends 🙄🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️

[JoshB1]

After reimporting, my issue is fixed...and so is my ESPP issue where it wasn't adjusting properly on the 8949

[greg444]

On my return, transactions with a BYPASS8949 code are not showing up on the final 8949 form that I printed out to do a cross check. Several stocks were basically deleted totally.  For instance I had 4 long term stock transactions direct downloaded from Fidelity. They can be seen in the interview mode.  Total ~42K, with a $500 loss.  The 8949 LT form shows one transaction of about $2K, with a $450 loss. 

[mike_a]

I'm getting the BYPASS8949 code on a lot of my transactions too, but I think it's causing me huge problems (to the tune of many thousands of dollars). There's an AMT cost basis adjustment that should be happening on these transactions because they're shares related to ISOs, and it shows up in the Employee Stock Transaction Worksheet, but then it never makes it into the final tax calculations, presumably because of this BYPASS8949 flag...

[greg444]

Look at your schedule D.  The code means that this transaction is being directly posted and summarized on Schedule D Line 1a because it has been communicated to the IRS and there are no adjustments.  The terminology used is not self explanatory, and it is not covered in the applicable questions section- Intuit presumably thinks we have ESP. Schedule D should be the total of the summarized and those on the 8949. 

[mike_a]

To be clear, the transaction makes it through, but the basis adjustment does not make it through. The crazy thing is that I have some other sales of the same stock in a different account with the same brokerage, and for those sales the basis adjustment makes it through. But in my main account, it does not. The only difference I can see is that the "BYPASS8949" flag appears for the transactions for which the basis adjustment does not make it through, but does not appear on the ones where it makes it through.

[Cynthiad66]

You have the option to clear all of that out and manually enter the summaries.

If you do, you have to mail a copy of the brokerage statement listing the individual sales. 

If you e-file, TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.

If you file by mail, attach the statement(s) at the back of your tax return, after all the forms and schedules.

In either case, click the "mailing instructions" link in the message at the bottom of the TurboTax page and follow the instructions that it displays.

Per @JohnB5677

[SDBusyWoman]

These supposed 1099-B errors in Capital Gain (Loss) Adjustments were for me numerous flagged errors in the TurboTax-generated "Emp Stock Wks" .  The buggy turbotax kept me in a vicious circle saying "0" on the amount of capital gains on the sale.  

FIX THAT WORKED FOR ME:  [Go To Forms] under View --and it showed each "Emp Stock Wks" with an error. Then you can go to each one at a time and hit the "show errors" and it will get near the bug-created error.  

BUG: program has left blank next to completed the sold by date and that blank needs to be filled in with the number of shares sold. (In my case this was in the RSU section, since these worksheets were for those.

once I had filled in the blank with the number of shares (that was already there at the top of their worksheet) I was able to pass all checks and transmit my return. 

[LP75]

I called Turbo Tax and spoke to a tax expert.  I downloaded from my three brokerage firms my 1099_B with all my stock transaction, but when I went to print out my copy of my return only 3 pages of 8949 were printing out and I wanted to know where the rest of the pages were.  If you look at forms column and look at form 8949, it does say "Any transaction that are eligible to be reported on Schedule D by passing form 8949 may be summarized here".  According to the tax expert's IRS code your 1040 to be filed will not be including many pages of 8949.  My taxes printed 3 forms of 8949 two of them from a different brokerage and the third one stock of another brokerage that had about 300 more trades.  The TT summarizes everything on Schedule D.  Yes, I would rather have the 20 pages of form 8949, but it has changed this year. 

Hope this helps.