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rickeys
New Member

Form 8453

TT desktop states (in my case with 1099-Bs) .. How do you plan on submitting your 1099‑B to the IRS?  You'll need to mail a paper copy to the IRS. 

 

The requirements are:  Must be sent if entered section totals instead of reporting each one separately, and one of the following is true:  You made adjustments to your investment income.  Your cost basis isn’t reported to the IRS.

I did enter totals instead of reporting each separately.  However the cost basis is reported.  Why is TT telling me I must file form 8453?  And do I really need to file?

 

Form 8453 does not have a box for 1099-Bs.  How is this to be handled?

thanks

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2 Replies

Form 8453


Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.

If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

 

If you summarize (recommended),

you only need to supply details of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.

In other words, for active investors, generally this is a list of the Wash Sales.
You may supply details on your separate Form 8949, or other document with the same information and in the same manner as Form 8949.


Note: turboTax may suppress some covered transactions without adjustments that you entered in detail. For those, no mailing is required !
--
If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)
--
The relevant box on Form 8453 is the last one, for 8949

 

@rickeys 

Form 8453

"I did enter totals instead of reporting each separately"

that's why. it's an IRS rule when you report multiple transactions on a single line on form 8949 you're required to submit the details to the IRS. Since Turbotax doesn't allow attachments of PDFs and you would probably like to e-file using 8453 is the only option. However, you do have the option of mailing your return and manually attaching the 1099-B.

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