topic Re: Desktop Mac Error on Form 8949 in Get your taxes done using TurboTax

Desktop Mac Error on Form 8949

IS5013 — Mon, 03 Mar 2025 23:09:42 GMT

I get the following error after entering my stock sales transactions: "Form 1099-B Worksheet (Fidelity Investments)--Capital Asset Sales Wksht (1): Salecat: Form 8949 Check Box has an invalid selection for . "C" or "F" are the only valid selections for a worksheet with transactions not reported to the IRS.

Issue, I am inputting via the Form exactly what is on the 1099-B. My 1099-B says Short term transactions for which basis is NOT reported to the IRS.

So from the Turbotax form I choose NOT REPORTED to IRS but get above error. Am I interpreting this wrong?

Re: Desktop Mac Error on Form 8949

DianeW777 — Tue, 11 Mar 2025 15:23:59 GMT

It depends. First, there should be no short term transactions that do not have basis reported to the IRS.

In 2008, Congress passed legislation which required brokers to report the cost basis for securities and mutual funds to both the investors and the Internal Revenue Service (IRS), effective tax year 2011.

The difference between covered and noncovered shares is who keeps track of the cost basis.

For covered shares, the financial organizations are required to report cost basis to both you and the IRS.
For noncovered shares, the cost basis reporting is sent only to you.

Holding Periods:

Long term: held more than one year (one year plus one day) - received special capital gain tax treatment
Short term: held one year or less - taxed at your ordinary rate of tax

For Column (f) the following codes used most often: IRS Form 8949 Instructions

B - Covered Shares Basis is incorrect
C - Collectibles only
D - Accrued Market Discount
E - Selling expenses or option premiums that aren't reflected on the form or statement by an adjustment to either the proceeds or basis shown.
W - Wash sales
Blank - None of the other statements in this column apply because you have no adjustments

Please update here if you have additional questions and we will help.

Re: Desktop Mac Error on Form 8949

IS5013 — Tue, 11 Mar 2025 21:51:11 GMT

Thank you but I'm aware of what you stated. My question is why I am getting a software error when I complete the information exactly as it is on my supplemental form.

Re: Desktop Mac Error on Form 8949

IS5013 — Wed, 12 Mar 2025 20:50:26 GMT

I posted a new/clarifiying question on this topic that I hope you can help me with. I get two different results when I either input the cost basis without checking the adjust basis field vs. when I do. I have 24 RSU transactions where 1099-B has $0 for cost basis. I use the supplemental for the cost basis instead. If I answer 40 for 1e and then adjust basis, i owe much more taxes. If I input the cost basis without checking adjust basis, taxes come down. If I do the latter, I get an error on the Worksheet telling me either C or F are the only valid options. Since I use easyguide, it is filling in this field, not me.

Re: Desktop Mac Error on Form 8949

IS5013 — Mon, 14 Apr 2025 19:55:38 GMT

I'm still struggling with this issue. My tax forms from Fidelity for stock sales says specifically the following: short term transactions for which basis is NOT reported to the IRS. I then go to the supplemental to get my basis and input it into the fields. So when I do the easy forms, I choose short term basis not reported to IRS. However, I get an error when I am finished and want to check the taxes before filing that says only C or F are allowed. What am I doing wrong?