The FED 8849 form does not allow you to elect multiple election types (i.e. a,b,c) therefore you need to be able to add additional 8849 form submissions - how do you do that in Turbo Tax?
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When you add transactions that have a different Form 8949 category (e.g. Short Term A, B, or C) the program will add new page to the Form 8949 for those transactions. So if you have transactions with all six categories, your 8949 will be six pages, with additional pages if needed due to the number of transactions. You don't need to do anything, other than enter the transactions. The program does the rest.
Where do I add this additional information? do I do this in the 1099 section ? I have amounts in box 7 - cash liquidations. The system says it will ask me later but does not....I have manually entered the info so I am not auto loading any info because I read that Turbo Tax does not support auto load for item 7, 8 or 9.
Yes, this will be enter in during the 1099 entry. You can double check this by selecting Forms if you are using TurboTax Desktop. Here is what TurboTax provides, "When you enter investment sales or exchanges from Form 1099-B or 1099-S in TurboTax, we'll automatically fill out Form 8949 and transfer the info to Schedule D. You don't need to fill out the 8949 yourself. See this article for more information about when you need to fill out or mail in Form 8949."
See the link below for more information:
For some reason Turbo Tax 2024 is not creating additional 8949 forms as required. I have cash liquidations on my 1099-DIV (box 9) that I need to enter on an additional 8949 and I need help.
Thanks
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