topic Re: Form 8453 in Get your taxes done using TurboTax

Form 8453

JR500 — Sun, 20 Apr 2025 19:42:07 GMT

I am using TurboTax desktop and reported summary information of my stock sales so I need to mail the IRS my Form 1099-B. A few questions:

--Do I need to use a separate Form 8453 for each 1099-B (I have two brokerage accounts for which I need to mail the IRS the 1099-B, or do I just attach both to the form 8453?

--Do I need to include all pages of the Form 1099-B, or just those for which the basis was not reported to the IRS?

Thanks!

Re: Form 8453

baldietax — Sun, 20 Apr 2025 23:43:12 GMT

Not a CPA but my interpretation of 8453 is they want the details that would be on 8949 or "statement with equivalent information" and since 8949 makes no distinction between brokers/accounts/1099s I would think you only need to send in one 8453, and only the pages from the 1099Bs with the missing details - and from what you describe these are the noncovered categories which are usually presented in 1099Bs with their own section/totals etc.

Personally I suspect it doesn't matter and they ignore this below a certain threshold, and you'll never hear about this again. TT generally encourages everything to be jammed in as sales summaries with adjustments and then mail the IRS so they are probably flooded with these 8453s from TT users. In future if you don't have huge amount of adjustments (wash sales, AMD) or noncovered sales, then putting them in as "one by one" with the details on 8949 electronically avoids this mailing step.

Re: Form 8453

Mike9241 — Mon, 21 Apr 2025 06:24:57 GMT

except for transactions entered on line 1a and 8a of Schedule D, the IRS want's details. Even details of covered transactions enter in summary form on form 8949. regardless of whether or not there are adjustments.

Turbotax is merely following the tax law by telling you that details must be submitted. Whether you do or not is up to you. However, if not, that leaves open the question of whether you filed a timely complete return.