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Form 8949 being generated when cost basis is reported to the IRS.

I have multiple 1099-Bs and all of them have short-term capital gains/losses with their cost basis reported to the IRS. I chose to enter the summary for each 1099 instead of listing the individual sales. For one of the 1099-Bs, which had a net loss, the summary was put on form 8949 even though the cost basis was reported to the IRS and there were no adjustments. Why was it transferred to 8949 while the others weren't? Also, because of 8949 now existing, I am required to mail 8453.

 

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2 Replies

Form 8949 being generated when cost basis is reported to the IRS.

If details of your transaction are on Form 8949 that you e-File, no additional mailing is needed.

If Code "M" is on your Form 8949, TurboTax thinks you summarized box B,C or E,F

 

@Confusedreturn 

Form 8949 being generated when cost basis is reported to the IRS.

Thanks Fanfare. I agree with you but that is the issue. On 8949, they are code M but the 1099 info is marked A so it should have been part of line 1a on Schedule D but instead it is part of line1B with an adjustment of 0 even though I said there were no adjustments.

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