Why do I need to mail copy of 1099-B to IRS when Vanguard has already sent it?

cry · ‎March 30, 2020

I've already entered info with Turbotax

macuser_22 · ‎March 30, 2020

You aren't. What makes you think that you do? Where does it tell you that?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

fanfare · ‎March 30, 2020

A couple years ago, TurboTax changed the prompts and not in a good way.
If you enter Summary info for any Sales Category other than A and D, or for A or D with adjustments, you will be making 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 e-Filed tax return.
Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.