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terry2431
New Member

Why do I need to send a copy of my 1099 B to the IRS when the 1099 B clearly states "this information is being furnished to the IRS"?

I am an active trader and made several Wash Sales. In TurboTax Premier, a "tax tip" implied I could enter the Wash Sales as "one sale at a time" and enter a "summary" for the remaining transactions.This would preclude my having to separately mail forms to the IRS. After entering the data, the summary page contains the notes: "see attached statement" and at the bottom says "To finish reporting these sales, follow the mailing instructions". My question is - Do I still need to mail something to the IRS? and if so can I simply mail the page from the 1099 B containing the Wash Sale information? Thank you for any information you can provide.

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1 Reply
DDollar
Expert Alumni

Why do I need to send a copy of my 1099 B to the IRS when the 1099 B clearly states "this information is being furnished to the IRS"?

If you are reporting summary totals for your investment sales,  any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.  If you reported summary sales for Box B, C, E, or F, the IRS requires you to mail a copy of your statement along with Form 8453.

 If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.


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