Is Form 8949 required if you are attaching 1099-B?

[abravo227]

Hi Experts,

I am a day trader who made thousands of trades last year and is filing to Mark-to-Market this year, so I need to file via paper. Due to the large amount of volume I traded, I was not able to import all of my transactions into TurboTax. I instead had to print them out (200 pages) and plan to attach it to my returns when filing. 

My question is - if I am attaching the 1099-B statement, do I also need to fill out Form 8949? Unfortunately, I will have to manually enter in all of these transactions if so which will take days, so just hoping to gain some clarity.

Thanks!

[Vanessa A]

No, you do not need to fill out an 8949 for all of them unless you need to make an adjustment to basis. 

[abravo227]

Hi Vanessa,

Thanks for your response!

Pardon my ignorance - but those adjustments would already be listed on the 1099-B though, wouldn't they? Currently on my Schedule D, TurboTax inserted my summary info for Part 1 into section 1b. On that row, I do have adjustments listed in column (g). Would attaching the 1099-B with all those details not suffice?

Thanks!

[Vanessa A]

Yes, that will suffice.  If you needed to make adjustments to what was reported on the 1099-B then you would need to include it. 

Ex. your adjusted basis on the 1099-B is incorrectly reported as $0, but your actual basis was $1,000, you would then need to report it on form 8949.  If you are not making these types of adjustments you do not need to attach anything else since you are already including the 1099-B's. 

[abravo227]

Ahhh! That makes sense. Thank you so much for your help.