1099-B entry vs. form 8949 and schedule D

drivemetodrink — Fri, 12 Mar 2021 02:32:57 GMT

I normally have a small number of 1099B entries, however this year I had a situation that resulted in one of my 1099B statements having approximately 250 entries, mostly a few cents, but none the less 250 entries. I painstakingly entered them all. When I printed my TT return to view, TT entered the TOTALS on lines "1a" and "8a" of Schedule D, respectively for Short Term & Long Term gains/losses which were reported to IRS by Broker. There was only 2 of those 250 entries that were "E" (Long term-not reported to IRS) and those were entered on form 8949 by TT. I am confused as to why TT did that, but my question is: Do I need to snail mail a copy of my brokerage statement to the IRS due to the fact TT listed all those entries as TOTALS on line 1a & 8a on my Schedule D, even though I entered all individually, thinking they would appear on Form 8949? I am not talking huge numbers (1a=$8.00 and 8a=$196). Also, should TT alert me if it is necessary to do so, when I efile my return?

Re: 1099-B entry vs. form 8949 and schedule D

MarilynG1 — Tue, 16 Mar 2021 22:56:17 GMT

Since you entered all your transactions, you don't need to mail a copy of your brokerage report.

If you had entered 'Summary Totals', you may have needed to mail your Form 8949 and brokerage statement, and yes, TurboTax would tell you in the Filing Instructions if you need to do so.

Most taxpayers don't need to mail in their 8949s (unless they're paper-filing, in which case it gets included along with all their other tax forms).

Click this link for more info on Form 8949.

topic 1099-B entry vs. form 8949 and schedule D in Investing

1099-B entry vs. form 8949 and schedule D

Re: 1099-B entry vs. form 8949 and schedule D