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Level 3
Mar 10, 2021 7:20 AM UTC
Question

Do I need to include form 8949?

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?

2 replies

Alumni - Intuit
Mar 10, 2021 1:58 PM UTC

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.
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Level 15
Mar 10, 2021 2:42 PM UTC

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.