1099-B shows a net loss of -85. Should TT be generating a Form 8453?

[leeleses]

1099-B shows a net loss of -85 in TT. Should TT be generating a Form 8453?

I entered the 1099-B, is Form 8453 only generated if there is a net gain?

[JamesG1 · Accepted solution]

Have you reported an IRS form 1099-B from Ally using only summary information and not the detailed information on the IRS form 1099-B?

IRS form 8453 here does not refer to gains and losses.  The purpose of the form does not refer to gains and losses.

Purpose of Form 

Use Form 8453 to send any required paper forms or supporting documentation listed next to the checkboxes on Form 8453 (don’t send Form(s) W-2, W-2G, or 1099-R).

Summary information reported in TurboTax Desktop may generate an IRS form 8453 with which to mail your IRS form 1099-B information.

Summary information reported in TurboTax Online may be uploaded into the software and forwarded to the IRS with the IRS form 1040 tax return.

Are you attempting to perform either of these options?  Please advise and someone here will try to assist you.

[leeleses]

With everything entered in to the returns...

The return in question is for a student and shows zero (0) due on both Federal & State returns.

In the forms view, I can see there are no 1099-B's and no 8453's generated.

To get various financial aid from Rowan University, they often ask you to upload your 1040 & 1099's for them to see!

Does that mean I should e-file the Federal & State returns so they have  record of these returns?

OR, don't file anything and just send Rowan University any forms they demand directly by making PDF's in TurboTax to upload for Rowan University?

[JamesG1 · Accepted solution]

You should file a tax return if the taxpayer meets the filing requirements.  A single taxpayer under age 65 who is not a dependent is required to file if their gross income is at least $13,850

If the student is a dependent, a dependent of another taxpayer is required to file his or her own tax return if:

• Your earned income (money you made by working) exceeds $13,850,
• Your unearned income (interest, dividends, capital gains, etc.) exceeds $1,250,
• Your business or self-employment net income (gross minus expenses) is at least $400,
• Your gross income (earned plus unearned) exceeds the larger of $1,250 or your earned income (up to $13,450) plus $400.

But even if your income falls below these filing requirements, you will want to file your own tax return to get a refund of any federal or state taxes withheld from your paychecks.

The IRS defines earned income as:

• Taxable income you earned as an employee, such as wages, salaries, commissions, and tips,
• Profits from operating your business or farm,
• Long-term disability pay if received before the minimum retirement age,
• Union strike benefits.

The IRS defines unearned income as:

• Interest, dividend, or investment income,
• Retirement or Social Security income,
• Alimony or child support,
• Unemployment or worker's compensation,
• Gifts, prizes, awards, or winnings,
• Inheritances,
• Income received while incarcerated, even if it involves active work.  

You will have to check with the individual state to see what the filing requirements are for that state.

Send Rowan University what is required.  TurboTax will prepare tax returns in PDF format if the university requires access to the tax return.