Form 8949 make adjustments (columns f and g)

[Brent9108]

I'm using the desktop version of Turbotax 2023 Premier. I need to enter an adjustment code "O" into column f and an adjustment amount into column g. The only way I can seem to enter it is to of into the form and select "override" under the edit menu. But then it shows up as a constant error. Is there a way to enter values into columns f and g without having to override the entry?

[rjs]

You do not make any entries directly on Form 8949. You can enter the adjustment code and amount on the Capital Asset Sales Worksheet or the Capital Gain (Loss) Adjustments Worksheet. This can only be done in the desktop software, of course, not in TurboTax Online.

I think there used to be a way to enter adjustment codes in the Step-by-Step interview, but I can't find it now in the redesigned interview for investment sales.

[Brent9108]

that seems to have solved the issue

[rjs]

@Brent9108  I'm glad your problem is solved, and thanks for letting us know.

Just for background, and for anyone else who might read this thread:

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@rjs wrote:

I think there used to be a way to enter adjustment codes in the Step-by-Step interview, but I can't find it now in the redesigned interview for investment sales.

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In past years, after entering an investment sale in the interview, there was a screen that said "Select any less common adjustments that apply." One of the choices was "An adjustment is required for a reason not already covered." If you checked that box and entered an adjustment amount it would be entered on Form 8949 with adjustment code O. That screen is not in the 2023 interview. So there does not seem to be any way to enter an adjustment with code O other than to enter it in forms mode, as I described above.

[GoodShip]

yes, that screen is gone. I think the 2023 version as it relates to Form 8949 inputs is inferior in many ways  to 2022 software,  in many ways.  I need to enter code o on some of my MLP sale items, any suggestion on how to do it in this new format for 2023? They made things so much more difficult to make edits this year for Form 8949 inputs. Thanks

[rjs]

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@GoodShip wrote:

I need to enter code o on some of my MLP sale items, any suggestion on how to do it in this new format for 2023?

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@GoodShip 

You didn't say whether you are using TurboTax Online or the CD/Download TurboTax software. There's no way to enter adjustment code O in TurboTax Online. It can only be entered in forms mode, which is only available in the CD/Download software.

You have to make the entry for code O on the Capital Gain (Loss) Adjustments Worksheet for the sale. In forms mode, find the sale on the Capital Asset Sales Worksheet. Click on any text or numeric field for the sale (not a drop-down list or check box). For example, click on the Property Description. Then click the little magnifying glass that appears to the left. This will QuickZoom to the existing Capital Gain (Loss) Adjustments Worksheet for the sale if there is one, or it will prompt you to create one.

On the Capital Gain (Loss) Adjustments Worksheet, in Part III, scroll down to the "Other adjustments" box at the top of page 2. Enter the amount of the adjustment on the right on the "Other adjustments" line. This will check the box on that line and put the amount that you entered in column (g) on Form 8949 with code O in column (f).

[GoodShip]

Online version. Does the IRS require the "adjustment" amounts in column F/g for MLP sale items, or can I just adjust the original basis to reflect the necessary K1 items  from the sales schedule included in the K1. 

It is my understanding that adjusted basis for MLP sales  is....... original basis(from broker) - cumulative adjustment to basis(k1) , + ordinary gain(k1) = correct cost basis. Is this correct in your opinion? Thanks

[Nat2]

@GoodShip  @rjs I'm using Turbo Premier Desktop 2024 - am not seeing the "Other adjustments" box on top of Page 2 of Capital Asset Sales Worksheet.  The first thing on the page 2 I'm seeing is "Brokerage Statement (Form 1099-B or substitute) Summary Table.  I am get an O in column F, and make other adjustments (this was the sale of a contingent payment debt instrument).  Thanks.  

[Nat2]

Sorry - I misspoke above.

I wanted to update the Cap Gain/Loss adjustments worksheet per the instructions @rjs instructions but I don't see any little magnifying glass that will QZ to existing worksheet, or to create one.   I think that is the issue.

[rjs]

The little magnifying glass only appears when you click on a text or numeric field (not a drop-down) for the sale on the Capital Asset Sales Worksheet. For example, click on the Property Description. Then a little magnifying glass will appear to the left of the description.

[Nat2]

Yeah - I tried that.  I don't get a magnifier but when I click on it it DOES take me to a page that says "Select an existing Capital Gn adjustment/other info - but it isn't the one I clicked on.  It takes me to one that is correct and not one of the contingent bonds.  I have many of them listed but none of them open to a page for the correct Cap Gain/Adjustment worksheet - each takes me to the only 1 that opens, rather than seeing a list of 23 (all are listed on the Cap Asset Sales page but almost all need to be coded with a O.  I don't know if I'm being clear here.  Thanks for any help you can offer.

[czee1]

I found the worksheet but was unable to enter the code in column F . Can you please advise. Thanks

[czee1]

I was successful in inputting in the Capital Assets Sales. Thanks