if you want to estimate tax effect,
you can just aggregate all YTD gains and losses LT and ST, into one or two imaginary1099-Bs
That's what I do and I know the exact 1040 Line 7 amount
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.
You can't acess Form 8949 directly.
You must use the Investments-> 1099-B panel to enter the amounts from your broker documents.
The software will generate those forms and Schedule D
Entering investment sales in forms mode is very complicated and error-prone. You should enter your investment sales using the Step-by-Step interview. TurboTax will fill out all the necessary forms, including Form 8949 and Schedule D.
The investment sales section of the Step-by-Step interview is available now. Make sure that you have installed the most recent updates to the software.
Make sure that you remove any overrides that you made. As you have discovered, an override can prevent the automatic calculations in TurboTax from working correctly.
I am perfectly capable of entering the 8949 data myself. I just enter data directly into all the forms and would rather do my return manually than use the step-by-step process!! Entering the data directly into form 8949 has worked in past years, and my software says it is updated.
You cannot make entries directly on Form 8949 in TurboTax. That has been true for at least the last 8 years. I don't know what you did in past years. Sales have to be entered on a Capital Asset Sales Worksheet.
If you just want to fill out blank forms on your own, you can download blank forms from the IRS web site and fill them out manually.
Sorry, I had forgotten exactly how I entered them. I finally got that to work after creating a 1099-B. Too many steps to enter the data for year-end tax planning!!!
if you want to estimate tax effect,
you can just aggregate all YTD gains and losses LT and ST, into one or two imaginary1099-Bs
That's what I do and I know the exact 1040 Line 7 amount
Thanks. That's what I figured out. Would have been so much easier to just put them directly into the 8949!!
Nope. Not if you use two brokers, and one generates the 1099-B (which x's box D) and another tells you here's a loss, file it on a 8949 with box f marked. Turbo tax doesn't allow you to generate another form.
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I need to enter 8949 info manually because I had an excess distribution from my stock basis. How can I do that on TT being I don’t have a 1099 for that?
You can't access Form 8949 directly. TurboTax will generate that for you directly. instead you will need to enter information in the step by step mode in your program and enter the information as if you had a 1099B. Here is how to enter.
Form 8949 did not generate automatically-- I found help googling that advised if I clicked on the zoom button I could force it to generate. That worked box D entries. How do I get a second page 2 of Form 8949 to generate for Box F entries? The efile error I received said to use the smart sheet to enter box F information (I had entered by override on Schedule D itself since box F is not in the Step by Step interview questions) but cannot find how/where to enter it in the smart sheet sections; and of course, adding a second Form 8949 manually results in an error. Is there any way to efile with Box F entries?
what's going on with all the smart sheets and Sched D manipulation etc, are you trying to input the 1099 as sales summaries and then make adjustments?
If you have sales with adjustments (Box 1f AMD, Box 1g wash sales) or non-covered securities categories, enter those sales into TT 1099B section as "one by one" with the details and that will go on Form 8949 and Schedule D.
The rest of the 1099B which is covered and just need to enter proceeds & cost with no adjusting, can be entered as a "sales summary" which goes on Schedule D intentionally without Form 8949.
This also avoids the requirement to mail your 1099B to IRS to provide the details which can be sent electronically.
I’m doing summary entries as I do every year. This year no adjustments/wash sales etc. 1099-B shows three entries categorized as, Form 8949 Type A (short term basis reported), Type D (long term basis reported), and Type F (long term Form 1099 not received). I filled in the summary sales as I do every year through the interview. Schedule D populated correctly for the amounts Type A and Type D, however I could not find where to enter Type F. I entered it directly in Schedule D on the correct line. Error review said I needed a Form 8949. I found a way to generate it using Zoom. It correctly populated Type A and Type D. It did not populate Type F and efile error states I need to use the smart worksheet for Type F to populate Form 8949 which must match schedule D for which I cannot find to do.
ok if you encounter these type of adjustments/exception categories then entering as "one by one" saves a lot of problems and should prevent the need to mail information to the IRS. TT does not give good guidance on this and generally encourages jamming everything into sales summaries and then needlessly mailing the IRS.
I would try to remove any manual edits you did, and leave the 1099 with the Type A and D alone in TT, sales summary is perfect for these.
start a 'new' 1099 in TT ("Add Investments" etc, as tho you received a different physical 1099B for these), skip the import and you get a bunch of questions trying to help you choose how to enter it, but regardless select the "one by one" option to enter the data. when you get to the data entry screen there is a drop down for "long term did not receive 1099-B form" and put in the details for each sale and it will create Form 8949 for Box F and add the totals to Schedule D properly, and I think you should be good to go, here is quick example
Entering investment sales in forms mode is very complicated and error-prone. That's why TurboTax strongly recommends using the Step-by-Step interview to enter investment sales.
Remove all overrides from your tax return, and any forms that you created in forms mode. Then enter the sales using the interview. At the top of the screen where you enter the summary totals, where it asks for the "sales section," select "Long-term did not receive 1099-B form." That will create a Form 8949 page 2 with box F checked.