Multiple transactions imported into form 8949 is not tallying up to Schedule D Part 1

[jlin22]

I have multiple transactions on Form 8949 and would like to summarize them, instead of having every single transaction on the form. Due to multiple lines, the 4 pages of Form 8948 do not sum up to what is declared on Schedule D Part 1. How do I just list down the summarized lines on Form 8949? There are no adjustments required for these transactions. They are all in Box A of my 1099B.

[fanfare]

When you have no adjustments, the totals on Line 2 from all your Box A 8949s has to add to the total on Schedule D Line 1a.

Then you can e-File with whatever TurboTax does (which is not according to the expected reporting rules).

No mailing is needed in this scenario.

[RaifH]

If you would like to report the totals from the summary section, you may in TurboTax:

1. In the Federal > Wages & Income > Investment Income section of your return, click Start/Revisit next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
2. Answer Yes and then select stocks. Select Continue and then I'll type it myself
3. Enter your brokerage information
4. After entering the requested information in Tell us about the sales on your 1099-B, you get to a screen that says Now, choose how to enter your sales. Select Sales section totals.
5. For Schedule D, Line 1a transactions, select Short-term basis reported to IRS (covered) and enter the totals
6. TurboTax will request that you attach a pdf copy of your 1099-B with your return so that there is a record of the individual transactions

[jlin22]

Since everything was reported to IRS, the software says I don't have to submit anything extra and will not require the Form 8949. Do I need to force-fill the Form 8949 or how do I ensure that my relevant 1099B are included in the returns?

[RaifH · Accepted solution]

If no adjustments are being made to the basis reported to the IRS, Form 8949 is not required and you do not have to attach a statement like a 1099-B reconciling the differences. 

Your sales totals will be reported directly on Schedule D as short-term transactions subject to your ordinary income tax rate.

[huskerdooo]

EDIT: It looks like this comment thread is considered closed because there is an answer. I will post a new question in a new thread.

What is the solution to this question if the basis was not reported? 

I have many pages of imported 8949 transactions with sub-50 cent transactions from ETFs with no reported basis.

I manually entered 0 as the basis when requested by TT to fix the transactions.  But the 8949 rounded every transaction to 0. e.g., it now shows pages of  0 proceeds, 0 basis, 0 gain/loss.

I could have easily had 10,000 imported sub-50 cent short term gains from one brokerage firm amounting to 4900. TT says I would not need to pay tax on it. That simply cannot be.

What is the process to correct the situation that will make TT happy and will allow my Federal and State taxes to be able to be filed electronically with a TT guarantee of accuracy?

[Dick85]

The figures shown on schedule D, part 1, line 1a don't agree with my detail.  Does Turbotax provide a breakdown anywhere so I can reconcile the difference?  I prefer to have all transactions listed on Schedule D, can that be done or do I have to accept the groupings in 1a and 8a?

[fanfare]

@Dick85 

line 1a is for Short Term

line 8a is for Long Term.

Your 1099-B should show the same breakdown.

Box A and Box D.

the Line 2 subtotals on those 8949 forms should match the subtotals on the corresponding line for that Box on Schedule D as well as the subtotals on your consolidated 1099-B.

You have to print your return to examine this.

Note Turbotax has changed. It might not list all the details you entered  for Box A or Box D. Complain to customer support.

You still need the subtotals to agree. That's what's important.

See also my earlier reply at ‎03-12-2022 9:17 PM

[GNE]

@fanfare Thanks fanfare.

I wonder if you might have meant "the totals on Line 2 from all your Box A 8949s has to add to the total on Schedule D Line 1b (not 1a) ?

The reason is I followed your suggestions and tallied line 2 from 8 pages of Box A 8949s.  The total matches Schedule D line 1b not line 1a. (line 1a turns out to be the total of what TT decided NOT to print on the 8949).

Thanks!

[fanfare]

@GNE 

From what you describe that is correct,

and you got a valid result.

What you describe makes more sense than what other posters have reported previously.

Maybe they were confused or I misread it.