The IRS, state department(s) of revenue, and TurboTax do not have a function that allows attachments to be Accepted when e-filing.
If you enter a summary in lieu of individual transactions, TurboTax should generate both Schedule D and Form 8949 with summarized information. Please review the following for more information:
Take a moment to double-check that your statements are complete. For each sale listed, there should be:
- A Description
- Date Acquired
- Date Sold
- Sales Price
- Cost Basis
- Gain or loss for each sale
- A sale category based on how the sale was reported to you and the IRS
In some uncommon cases, there will be an adjustment code and adjustment amount.
NOTE: 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.
Here's how to mail your statements:
If you successfully e-filed your tax return(s), you should review IRS About Form 8453, U.S. Individual Income Tax Transmittal for an IRS e-file Return.
The last box says, "Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949."
Thus, you could complete, print and mail Form 8453 and a copy of Form 1099-B. See "When and Where To File" on Form 8453 Page 2.
If you are not e-filing, then mail your statements, i.e. Form 1099-B, with your entire tax return to your local IRS office: Where to File Paper Tax Returns With or Without a Payment.
I don't think this answer is right. The 1099B already shows summaries.
So this isn't right.
I think if I understand the IRS form 8453 they want us to go back in and edit 8949 and enter each transaction for the summaries and mail them the completed 8949.
So what I am doing is made a copy of the file, then go into the new file and delete the summaries and enter the details and then print the 8949 for the new form and then mail that into the IRS address stated in the forms.
I wish Turbotax didn't allow us to enter the summaries, and told us during entry that IRS will require the details. This is non-sense to do it afterwards like this, only to transmit the file and then figure out you have done it right.
Option 1 sounds right but you would send the complete list of trades in Form 8949 (since as indicated you didn't include those details electronically). I'm not sure why 1099B is being required by TurboTax unless you are not providing 8949?
I don't know ... 1099B is provided by the brokerage firms to the IRS already so this throws me off. Thanks.
The only time the IRS wants detailed backup is when summaries are used. This is not in reference to the information on the Forms 1099-B. The information on Forms 1099-B is the detail required by the IRS.
Many times, because there are several transactions then it's advisable to enter summary totals based on long term or short term holding periods. In these cases you must mail form 8949 and the 1099-B to the IRS so they can relate your entries to the income you received as reported by the broker.
A detail entry doesn't require anything to be mailed to the IRS, sometimes it just not preventable depending on restrictions. Whether the dollar amounts are in excess of fields available as an example. Keep in mind that the IRS dictates the field requirements for e-file.
When summaries are used TurboTax will let you know what you must mail within three days of IRS acknowledgement of your return.
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