Do I need to include form 8949?

Forum|Forum|5 years ago
March 10, 2021
1 reply
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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?

TurboTax Premier Online

HelenC12

Level 15

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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