topic Re: Do I need to include form 8949? in Get your taxes done using TurboTax

Do I need to include form 8949?

bou10404 — Wed, 10 Mar 2021 07:20:57 GMT

I made 20 short term covered trades in 2020 (mix of stocks and options). I have my 1099-B from my broker. I initially imported the 1099-B into TurboTax, but due to the rounding issue this year where it seems like TurboTax is rounding each transaction, as opposed to just rounding the aggregate, the numbers were off. I ended up deciding to include the summary of my proceeds/cost basis instead of including each transaction.

Since I am simply including the summary, do I need to also include Form 8949 with my return?

Re: Do I need to include form 8949?

HelenC12 — Wed, 10 Mar 2021 13:58:39 GMT

Yes, you need to include Form 8949 Sales and Other Dispositions of Capital Assets with your tax return.

See TurboTax FAQ Do I need to fill out or mail in Form 8949? If you're e-filing, you only need to mail copies of your 8949 along with Form 8453 if:

You entered a summary for one or more sales categories (instead of each individual sale); AND
The sales category for one or more summaries is something other than Box A (short-term covered) or Box D (long-term covered); or
The Box A and/or Box D summary includes adjustments (typically listed in boxes 1f or 1g on your broker statement).

TIP: Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

Re: Do I need to include form 8949?

fanfare — Wed, 10 Mar 2021 14:42:10 GMT

if your 20 short term trades do not have adjustments, you don't have to mail anything.

If a transaction has adjustment, list it on Form 8949 and you won't have to mail anything.