There may be a bug in TurboTax Deluxe. On Form 8949, I have mutual fund sales with "Various" for the Date Acquired. Form shows "See Stmnt", but there is no statement.

[jh73]

I have checked that Form 1099-B info matches the specific date on Form 8949 for Date Acquired. For some sales, even the Date Sold shows "See Stmnt" instead of "Various".

[jh73]

Correction: the Date Sold should show a single date. Instead the Form shows "See Stmnt", but again there is no statement.

[fanfare]

TurboTax puts that when there is Code "M" in Column (f),

in which case, you made the Mail-in election, perhaps without realizing it.

IRS requires details to be listed on Form 8949,
or on your own forms (e.g. consolidated 1099-B) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your tax return.

[fanfare]

Sorry I didn't really note that your issue is with the Date Acquired.

You can disregard my comment above, unless column (f) shows an "M".

[jh73]

Apparently, when there are Various dates when shares of a mutual fund are acquired, the program states "See Stmnt" on Form 8949, but there is no statement. The single date of Date Sold is not listed; instead you see "See Stmnt", but again there is no statement you can access in TurboTax. Their entries do have "M" in column F, but the IRS instructions allow you to state "Various" and not itemize every single transaction. That has been the process for many years. The use of "Various" allows you to bypass listing every single transaction.

[fanfare]

Code M tells the IRS you made the "Mail in election".

In which case, you are required to mail the transaction details to the IRS within three business days of IRS accepting your tax return.  the description "see Stmnt" refers to that document.
If you are mailing in your federal tax return, you can attach the statement at that time.

If you select "various" for date Acquired, the word "various" will appear  (should appear) on Form 8949.

If you select "various" for Date Disposed,

then TurboTax apparently (and correctly) expects transaction detail to follow.

[fanfare]

@jh73 answer above edited .

[fanfare]

it still not exactly clear who is entering "Various", you or import?

did you enter various for Date sold, but it stayed empty.?

I would think you'd get an error message.

[jh73]

I appreciate your comments, but I believe you are mistaken. Code M does not tell the IRS you made the "Mail in Election". According to the IRS instructions for Form 8949, Code M means "You report multiple transactions on a single row as described in Exception 2 or Special provision for certain corporations, partnerships, securities dealers, and other qualified entities under Exceptions to reporting each transaction on a separate row, earlier."

[jh73]

I am the one who entered "Various" for Data Acquired. In years past, and according to IRS instructions, you can enter "Various" for Date Acquired and provide the cost basis for the investment. If TurboTax is saying "See Stmnt", but is not providing the Statement, that seems to be a bug. It is hard for me, the taxpayer, to figure out what TurboTax thinks should be on that statement. You do not have to itemize every transaction for the IRS.

[TomYoung]

@jh73 

"According to the IRS instructions for Form 8949, Code M means "You report multiple transactions on a single row as described in Exception 2..."

The word "transactions" here is referring to sales and has nothing to do with the "various" notation you're seeing on Form 8949.  You have, maybe by mistake, told the IRS "I'm just going to enter lump sums for a whole bunch of trades and I'll send in the detail - sale by sale listing - later."  One way or the other you do need to itemize every sale of a noncovered security to the IRS.  I'd advise deleting the 1099-B and starting over.

The IRS has, for a long, long time, allowed you to use "various" in the Date Acquired field when you've executed a trade where multiple lots are sold.  Your obligation here is to report the trade correctly which comes down to date of sale, proceeds, the "term" of the security sold (long or short) and the basis.  In this instance you don't provide support for the term or the cost basis you're reporting for the trade to the IRS. 

[jh73]

Tom Young, I agree with what you say. TurboTax is the one that decided to use Code M, not me. I have tried to report the trade correctly on Form 1099-B Worksheet and the Capital Gains Worksheet, by listing the date of sale, proceeds, the "term" of the security sold (long or short) and the cost basis. TurboTax came up with the notation "See Stmnt" for Date Acquired and Date Sold, for unknown reasons. I believe the notation is not needed, as you describe.

[fanfare]

you say multiple and I say mail

you say potato and I say potatoe.

If you aggregate transactions ( aka enter a summary) for Category E,F or B,C,

you must supply the transaction detail separately.

This is not the same as aggregating dates acquired for a sale  of several lots at once using "various".

Only A,D transactions can be aggregated with no mailing required, and then only those for which the Exception 1 conditions are met.

[fanfare]

"According to the IRS instructions for Form 8949, Code M means ..."

You 're quoting from the Table that describes the codes.

See the actual paragraph in the body of the document with the heading "Exception 2".

[jh73]

Interestingly enough, I found that Exception 1 applied for one of my transactions, so the "See Stmnt" comment was incorrect for those.

For the other transactions, and based on the instructions you pointed out, TurboTax should have prompted the user to fill in a statement. There should have been an error if such a statement wasn't filled in. It seems like a bug to me.