Putting summary in 8949 for foreign Mutual funds

[Abc122]

Hi ,

I have sold a lot of mutual funds and stocks in last year back in my Indian brokerage account.

For Mutual funds 

1) I was investing in SIP (that is a weekly or bi weekly amount in 4-5 mutual funds) ,so number of transactions are very high.

2) I don t have a statement which gives all those transactions in  a file as after becoming a Non resident in India i have to sell them in non demat mode.

3) based on information available at different sources mostly by annual income statement provided by Indian tax authority  ; i created a summary of  Name of security , can t get date of acquisition (but can get if its short term or long term), Date of sale , units, Cost of acquisition  and P and L.

4) Can i put this summary table (created from point 3) in 8949 rather than all the entries ? and will be attaching or keeping my Indian annual income statement from tax authority there (with no date of Buy ; just long term and short term) as proof will that work ?

5) I am thinking of putting date of buy as 1 year 5 days before sale for long term (randomly) and for short term i remember around when i stopped investing in the MF so last day of investment (which is 3 months before sell date) as date of acquisition  for short term.

6) In India Long term is >1 year and short term is <1 year so same as US.

7)Can i put similar summary table for stock entries too ?

[fanfare]

it is the 8949 box category that determines whether it is LT or ST.

if you sold on the same day shares acquired at different times, you can use "various" for Date Acquired.

As  I understand it, TurboTax makes it difficult to aggregate some transactions and detail others in the same category.

Maybe it is improved this year.

@Abc122 

[Abc122]

Thanks for replying 

For a MF which have same sale date and acquired over the years ; i should put two lines for that in 8949 

One for the long term with date of acquired various and sale date 

other for same mutual fund with DOA various and sale date 

Will that work ?

[fanfare]

yes.

you must determine how many sharew were held for a year or less. Those are the ST shares.

@Abc122 

[Abc122]

Thank you very much , One last question how do i fill some manual entries in 8849 , I am using TurboTax and uploaded my 1099 , but i have some entries that i want to fill or my foreign stocks or MF that i don have any 1099

[DavidD66]

To add additional investment sales not reported on a Form 1099, you need to return to the Investment Income section of the program.  You can get there by clicking on the Search window in the upper right hand corner of your screen, then:

• Type in "1099-b" and hit return/enter (It's ok if you don't have a 1099)
• Select "Jump to 1099-b"
• Click on "Add more sales"
• Select the box with "Stocks, Bonds, Mutual Funds" and the click on Continue
• "Skip Import"
• Start entering information for the investment transactions you want to report. The program will guide you through.

[Abc122]

I am doing from Turbotx site 

1) I went to fedral -> wages and Income -> Investment and savings -> add investments -> Stocks bonds and mutual funds -> entered my foreign brokergage (i don t have 1099) -> answered few questions 

Than there are two options one Enter one by one i have more than 1000+ entries so this won t be possible and sales total section ;

Can i just provide the total cost and sell price in sales total option selection Short term and long term with no 1099 B option ?

Do i need to upload all entries somewhere for turbo tax to generate 8949 or just 2 entries one for short and one for long is enough ?

[DavidD66]

Yes, you can report your foreign mutual fund transactions with just two entries, one for short term with Code C, for Short-term transactions not reported on Form 1099-B.  And one with Code E for Long-term transaction not reported on Form 1099-B.  If you summarize your transactions, you must send the IRS a detail of each individual transaction.   The program will give you instructions on what to mail and where to mail it.   On the page with "How do you plan on submitting your 1099-B to the IRS?, click on "To finish reporting these sales follow the mailing instructions".