OK, I think goofed when I entered some of my stock sales and checked the summary button instead of the individual entry option. I had a one time sale of a stock from a DRIP account, so the stock was accumulated over 20 years, In reporting this I assume I should have used the individual entry option as compared to a summary of the class. But its done, the taxes are filed and accepted. Now trying to figure what I need to do to complete the filing for this year. The options under consideration are:
1. Fill out a Form 8949 for the class of sale, long term with unreported cost basis. Do I need to list individual purchases ( hundreds of tiny transactions) or lump all as various date of acquisition?
2. Ignore the current 8453, correct it in Turbotax touse the "individual entry" and refile the taxes.
The confusion point for #1 is that if I dont need to show every tiny purchase transaction, then the information on the current Form 8949 is what I would re-create.
What am I missing besides my brain.
Thanks for your help.
Desi
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The easiest way to fix this, IMO, is mail in the Form 8453 to the IRS and attach the 1099-B portion of the DRIP sales. TurboTax should have completed the Form 8453 with the last box checked, "Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949". Just mail the two documents to the address shown on page two of the form, Internal Revenue Service, Attn: Shipping and Receiving 0254, Receipt and Control Branch, Austin, TX [removed]. This way, you don't have to enter, as you wrote, "every tiny purchase transaction".
See the instruction on page two of the form: https://www.irs.gov/pub/irs-pdf/f8453.pdf
No idea why TurboTax removes the zip code, it is 73344 - 0254
Sound like a good solution. Thank you for the reply. Copying the 1099-B now.
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