Form 8949 - When is it needed?

[MartyDC]

In past years I have entered my 1099-B Summary #'s into TT's "1099-B Worksheet" which then created a Schedule D.  TT did not create a 8949.  This is consistent with IRS Pub 550, p. 64, which states that if you only have Box A and Box D #'s, you do not need an 8949 and but can enter your summary #'s directly into Schedule D.    

This year, TT did something strange  As in past years, it didn't create a 8949, but it DID create a Form 8453.  (This form is used by people who e-file but still have to mail some type of paper attachment.)  In my case it said I needed to submit a paper 8949 because I had elected NOT to include an 8949 in my return!  

So, what's going on?  If TT concluded (correctly as I see it) that I didn't need an 8949, why is it asking me to mail one?  Makes no sense.   

Looking forward to an answer from one of your experts.

[fanfare · Accepted solution]

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.

If tou have no adjustments in that category, and

you did not summarize other Box categories,

You can ignore that Form 8453

@MartyDC 

[magellan0]

Hi, I have a same question, but I have adjustnents on SCH D col (g). also the same adjustment on form 8949 col (g).   So it is what do I need mail...Is is the broker's 1099B  form...?  I'm using the Summary (1099-MISC)becuase it's too much work to enter each stock transaction....??

Thank in Advance

[DawnC]

Yes, since you summarized your transactions AND you have:

• The sales category for one or more summaries is something other than box A (short-term covered) or box D (long-term covered), or
• The box A or box D summary includes adjustments (typically listed in boxes 1f or 1g on your broker statement)

You're required to mail in forms 8949 and 8453, do so within three days after the IRS has accepted your e-file. Here's the mailing address:

Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254

Tip: In lieu of Form 8949, you can substitute copies of your year-end broker statements that show the individual transactions.   You don't need to include unadjusted Box A or Box D transactions.    Do I need to mail in Form 8949?

@magellan0 

[magellan0]

@DawnC   Thanks for your prompt reply...

Please clarify.   My form 8949 has the summary of the 1099-B from the broker...with adj col (g)

Based  on what you shared...All i need is to send both F8453 and F 8949...???

If so, why couldn't  that be sent TTAX sent via e-file...?

Yes I can send the broker year end  1099-B as well...it several pages (4-6) as well..

 Thank in Advance

😊

[fanfare]

" why couldn't  that be sent TTAX sent via e-file...?"

It is sent by e-File.

It is a summary.

You are obliged to list the transactions, that is a separate mailing.

As I understand it from discussions in past years, TurboTax uses Code "M" in this situation.

If your form 8949 shows "M" in the code column, that is a summarized 8949.

The summarized form 8949 goes with your e-File (don't mail it again) ,the details are supplied by you separately.

If you have code M, you elected the mail in option, knowingly or unknowingly.

If there is no code M, then all the required details are already in your e-filed tax return.

[magellan0]

@fanfare   thanks for your prompt reply...Yes, the Form 8949 has codes "MW" in col (f).

Thus, I will send the broker's 1099-B, it's only 4-6 pages.( this has all the transactions) .

Again thanks for the clarification....:-)

Do I have this correct now..?

[fanfare]

that's the simplest solution.

[magellan0]

@fanfare   Many thanks..:-)