I filed my taxes. My 1099B had lots of transactions that TT could not handle so manually entered summary for Short term cap gain, long term cap gain and disallowed gains. Both are covered. The 1099 B PDF file is 1000 pages long. After transmitting the returns, TT said I need to file 8453 with 8949 or statement (1099B).
If you are not excused by the detail reporting exception,
IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.
This is so, even when the broker has sent details to the IRS already.
The exception does not include wash sales (disallowed losses) , since they have an adjustment.
Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.
Thanks for your reply. But when one does lot of trading some wash sales will be there. I will put in a request for new feature where PDF form of 1099B can be attached when e-filing.
TT generated form 8453/8949 since there is one transaction from the broker's 1099 (Box E) without a purchase date or basis. It only shows proceeds of $1K. Contacted the broker and their tax department without success.
Will it suffice to send a copy of the broker statement to satisfy the requirement of mailing in 8453 and 8949?
I've just efiled my return.
Yes, you can send that in. Please see this Help Article about this situation.
[Edited 04/04/2023 10:18 PST]
So, my return has been accepted by the IRS. Just got the notification. Do I still need to submit (mail) thr 8453/8949 forms?
Yes. If you received a request to submit Form 8453 (U.S. Individual Income Tax Transmittal for an IRS e-file Return), you need to mail some forms to the IRS that can't be e-filed.
TurboTax creates Form 8453 for you, and it serves as a cover page for your additional documentation.
Mail Form 8453 to the IRS within three business days after you’ve received your acknowledgment that the IRS has accepted your return to this address:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
Please see TurboTax FAQ: How do I mail Form 8453?