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Level 2
posted Mar 25, 2022 4:33:16 PM

Form 8949 - I used summary entry format do we need to send detailed reports from broker

In the stock section I summarized my proceeds and costs basis instead of entering each transaction as I made quite a few during 2021.  It now says I need to submit both form 8453 and 8949.  While researching 8949 it says  instead of submitting completed form 8949 we can just submit year end broker statements.  Can those statements need to be  summary statements with summarized numbers or do we need to submit detailed reports showing all stock sales?

Thanks

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1 Replies
Expert Alumni
Mar 25, 2022 4:47:58 PM

Send the entire statement with the detailed reports showing all the stock sales. You fled with summary totals so you didn't have to list all your transactions. In case the IRS has a question, they need to see the detail of how you got those numbers.