8949 short term transactions Part 1 not completing in TT Premier

[ebmarch]

Using TT Premier 2023, filing MFJ:

The 8949 part 1 for Short Term transactions where basis is known to the IRS is not completing. If I look in Forms view at the 8949, the Part I (Short Term) is blank, and there are only 2 entries in the LT (Part II)  section. It appears as if some of my Fidelity accounts (3) with 1099-B information are not getting to the 8949. When I print the "All Forms" version of the return, the 8949 part I is missing and Part II has just the 2 entries. The ST and LT capital gains numbers on schedule D are mostly correct. There also appears to be  disconnect in both the LT Proceeds and Cost basis numbers of over $200 versus when I calculate it from the individual 1099-Bs (as supplied by Fidelity) of the accounts, but the total sales and basis numbers for each account individually are correct.

While TT completes Schedule D, I am not sure the 8949 gets eFiled but it is still missing in the filing records for me. I am wondering if this problem is bigger than what I see due to the mismatch in the LT number on Schedule D.

Can anyone shed some light on this? It seems to me to be an TT error but I likely am missing something.

Many Thanks!

[hbl3973 · Accepted solution]

ebmarch,

I don't know which brokerage firm you imported the 1099-B from, but the IRS allows 8949 short term checkbox A items to be reported a just a summary on Schedule D so long as there are no adjustments such as wash sales and some of the firms take advantage of that shortcut in their reporting.  Ditto for long term checkbox D.  It is, however, somewhat worrisome that you come up with a discrepancy, but if you had any wash sales reported separately, be aware that they increase your overall gains by disallowing some or all the loss on that transaction.  So check if the wash sale numbers (if you have them) add up to that ~$200 difference.

[ebmarch]

Thanks for your experience with this. After you said this, I reread the Schedule D info about 1a/8a and understand. My estimation before about the mismatch, after some spreadsheet work, is MUCH less different, not because of the wash sales, but due to "pilot error", although Fidelity may have reported some numbers that were a couple of dollars off of what they sent to me in my 1099-B data. There were discrepancies in the 1099-B proceeds number vs what was reported in the TT Schedule D, and the wash sale item, which affects the Gain/loss number was exactly correct. Go figure.

Thanks again for being a Champ!

Ed

[hbl3973]

Excellent!