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Level 3
posted Mar 2, 2023 1:28:27 PM

Form 8949 not being generated by Turbotax

I had several stock sales for 2022 that the broker reported on a 1099-B. These were entered in Summary format (box A or D checked). When I go into Forms mode I don't see a 8949, instead I see them on Schedule D (Form 1040). I believe form 8948 is mandatory if you sell any stocks and realize a loss or gain....why isn't turbotax generating this?

0 3 652
3 Replies
Expert Alumni
Mar 2, 2023 1:42:27 PM

It may depend on the nature of your investment sales.  According to the 8949 instructions issued by the IRS, "If all Forms 1099-B (or all substitute statements) you received show basis was reported to the IRS and no correction or adjustment is needed, you may not need to file Form 8949". 

Level 15
Mar 2, 2023 7:13:38 PM

"you may not need to file Form 8949"

The key word there is "all",

 

You don't need to file Form 8949 if all your transactions are as described.

 

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

Level 15
Mar 2, 2023 7:17:59 PM

 "These were entered in Summary format"

 

Summary form is not detail form.

 

If you are not excused by the detail reporting exception,
IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

@arsdean