Form 8949

[tpopplewell]

Is there a way to force Turbo Tax to print all my sales of stocks on Forms 8949 without Turbo Tax doing the summary on lines 1a and 8a of Schedule D. I use desktop Premier

It's next to impossible to reconcile the downloaded information without seeing the individual sales on Forms 8949.  The method that Turbo Tax has used to aggregate or not aggregate the sales onto Form D is a total mystery to me.

[tpopplewell]

On https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-schedule-d-capital-gains-and-los...

Turbo Tax says: "If an exception applies you can still voluntarily report your transactions on Form 8949 which might be easier if you have some transactions that meet the exception requirements and some that don't."

It does not say how to do this.

[GeorgeM777]

In TurboTax desktop you can switch to Forms.  The Forms option is in the upper right side of the page.  Clicking on Forms will open a window on the left side of the page where you should be able to see all of your forms, including Form 8949.  Select Form 8949, and then click on the Print button at the bottom on the page.  Another window will open giving you the option to save Form 8949 as a pdf copy and also to review it before printing.  

@tpopplewell

[GeorgeM777]

If you are eligible to use the summary method for your 1099-B transactions, then when you select the Stocks, Mutual Funds, and Bonds category, you will see a page where you can select whether you have received a 1099-B.  Select No.  Continue through the application and you will see the following page where you can enter a summary for each sales category. 

@tpopplewell

[tpopplewell]

I think the only way you can see the details of the stock sales is through the "Capital Asset Sales Worksheets" which has the information from the applicable Forms 1099-B's as downloaded.  You can print that out if you want in the Forms view.   You can reconcile the totals for each "Box" (A, B, C, D, E, F) for each Form 1099-B by using the related Form 1099-B Worksheet (which you can also see in the Forms view) and reconcile those to the applicable totals on the related Form 1099-B.  Finally, you can reconcile the amounts on Schedule D by comparing the totals for each line item on Schedule D to the sum of the totals for that line item from all the Form 1099-B Worksheets set out under "Form 8949 and Schedule D Totals" on the Form 1099-B Worksheets  ( I used an Excel spreadsheet to sum those up).  You can see the Forms 8949 in the Forms view and print them if you want, but they will NOT contain any sales that are summarized in lines 1a and 8a on Schedule D.   That detail for each sale is only in the "Capital Asset Sales Worksheets".

Seems like a step backward in programming, but at least you can still get the information to check things out before you file, if you want.

[tpopplewell]

Even if you put the sales in one at a time, Turbo tax will summarized them and put them on line 1a or 8a of Schedule D, if the broker has sent the IRS the proceeds and cost basis and you make no changes to them

[jllatimer]

How does one "voluntarily" force Turbotax to enter the transactions on Form 8949 instead of directly entering line 1a or 8a of Schedule D?

[DianeW777]

It's not necessary to force Form 8949.  TurboTax knows when it is needed based on your entry. If all Forms 1099-B (or all substitute statements) you received show basis was reported to the IRS and no correction or adjustment is needed, you may not need to file Form 8949. 

• IRS Instructions Form 8949

Please clarify with additional details if you need more information.

@jllatimer 

[superman23]

So here's a follow up question. I received a 1099-B with several transactions, long-term and short-term. All indicate basis reported to the IRS and there are no adjustments. It is my understanding that I can enter the total proceeds and cost on Schedule D, and not use Form 8949. Also, I am not required to send in any statements of the details with form 8453 or by PDF. 

However, I received a 1099-B from another broker with 2 transactions - one short-term and one long-term. The long-term transaction shows basis NOT reported to the IRS. It is my understanding that this transaction is required to be entered in Form 8949. The short-term transaction shows basis reported to the IRS.

Since I have to enter the long-term transaction on Form 8949, does that now preclude me from entering the totals from the first 1099-B directly on Schedule D? Will I now have to enter ALL the transactions (from both forms 1099-B) on Form 8949? If not, must I include the short-term transaction from the second 1099-B in the aggregate totals on Schedule D or can I show that separately on Form 8949?

[jllatimer]

Diane,

Thank you for your reply.  I can't argue with what you wrote on the basis of fact.  I may not "need to file Form 8949", but I want to.  To wit, it may not be necessary to force Turbotax to enter on Form 8949, but it certainly is desirable from the standpoint of reviewing data was entered correctly.  In my case there are multiple accounts, with all cases (short-term, long-term, reported to IRS, not reported to IRS), and various codes (DMW) for accrued market discount and wash sales.  But some transactions have no corrections or adjustments (and therefore don't appear on the Form 8949).  I am forced to segregate my input data and check both Form 8949 and Schedule D to verify all the entries are correct.  Schedule D does not show the account no., making this more difficult.  On a separate issue, I also have "other transactions" (short-term and long-term related to cash-in-lieu and certain bond sales) reported by the brokerage firm as Box "X", but Turbotax only provides choices of Boxes "A" through "E". 

The IRS instructions clearly state that the taxpayer may voluntarily enter on Form 8949.  Turbotax software developers appears to have taken this option away from the taxpayer.

[GeorgeM777]

No, regarding the 1099-B received from the first broker, you can still report those transactions in summary rather than separately on Form 8949.  In fact, all of the transactions from either broker can be reported in summary provided the following requirements are satisfied:

• You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g; 
• The Ordinary box in box 2 isn’t checked;
• You don't need to make any adjustments to the basis or type of gain (or loss) reported on Form 1099-B (or substitute statement), or to your gain (or loss); and 
• You aren’t electing to defer income due to an investment in a QOF and aren’t terminating deferral from an investment in a QOF (Qualified Opportunity Fund).

Based on your post, it appears that the only transaction you need to report on Form 8949 is the long-term transaction from the second broker.  Thus, the short-term transaction from the second broker can also be reported in summary on Schedule D because basis was reported to the IRS.  However, if you prefer, you can include this short-term transaction on Form 8949, with box A checked showing that basis was reported to the IRS. 

@superman23 

[jllatimer]

I suggest you use a separate 1099-B Wks for each broker.  The data reported in the Cap Asset Sales will flow to Form 8949 or or directly to Schedule D according to the rules that Turbotax follows.

[superman23]

Perfect answer. Thanks!