Hi, I've got 2021 Turbotax Premier. It will not let me access Schedule D or form 8849 - I'm completely blocked out.

[Critter-3]

You are not "blocked out"  ... that section of the program is not yet functional. Check the charts in this link later this week for an estimate of when they will be ready :   https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

IRS forms availability table for TurboTax individual (personal) tax products

Check back in mid-December for info on the availability of forms for tax year 2021.

Related Information:

• State forms availability table for TurboTax individual (personal) tax products
• Which IRS forms are not included in TurboTax?
• TurboTax 2020 release notes for Windows personal tax software
• State forms availability table for TurboTax Business
• IRS forms availability table for TurboTax Business

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

[DoninGA]

Schedule D and Form 8949 in Forms mode cannot be used for entering tax data.  The TurboTax program populates these when the user enters the tax data information in the Step-by-Step interview.  All calculations are done by the software.

To enter an investment sale -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

[jnoon]

This is a different 8849 situation. My daughter received a 1099B for her 2021 return. The instructions on this form said:

Noncovered Short−Term Gains or Losses on Gross Proceeds. Report on Form 8949, Part I with Box B checked.

When I tried to check Box B nothing happened. I got frustrated with trying to complete the form and, since it appeared that the value of the vested shares ($57,000) was already included in Box 1 of her W-2, I did not complete form 8849 in her 2021 return. Also, she never sold any of her stock or executed any trades at all. She received a letter today saying she owes $6,305 for the income reported on the 1099B.  Will completing the 8949 properly eliminate this double tax? If so, can I get help completing an Amended return with a properly completed 8849?  Do you have any other suggestions?

[DianeW777]

Yes, by filing an amended return you will be able to offset the selling price with her cost basis.  The 1099-B is reporting that she did sell stock in 2021.  If none was sold then she would not have received the tax form to report.  See the following information to assist you. Be sure to include a copy of the letter with your amended return.  I would try to call the number on the letter to let then know your plan so they will indicate it on her file and realize it is not being ignored.

The term 'noncovered short term' simply means the agent issuing the document does not know the cost basis of the shares sold. They did provide the holding period which is stated as short term.  Your daughter or yourself must determine the cost basis of the shares that were sold.  Since the vested shares were reported in her income (vested shares) this is the cost basis for the total shares that were vested.  The shares became unrestricted and now belong to your daughter.  When this occurs then the company often sells enough shares to cover the tax and includes that 'withholding' on the W2 with her other federal tax withholding. Then she receives the Form 1099-B for the shares the company sold on her behalf.

There is no double tax because she can use her cost basis, which is the vested value, is included in her wages.  This means that the cost of the shares that were sold will quite likely be very close to the selling price reported on the Form 1099-B.  

• How to amend (change or correct) a return already filed?
• What is the deadline for filing an amended return?

@jnoon 

[jnoon]

Thank you Diane!

In determining the cost basis, I'm looking at her last paystub from 2021 which shows Restricted Stock is $34,000. The Proceeds reported to the IRS is $24,000. Does this sound right? The amount that was included in Box 1 of W-2 was $57,000.  Is the $57,000 a sum of the $34,000 and $24,000 +-? When I enter $34,000 as the cost basis on 8949, this comes out favorably because it reduces income by $10,000. Could she put $57,000 as her Cost Basis?  She has never sold any of these shares.

[HopeS]

For RSUs, the cost basis should be the Fair Market Value (FMV) of the shares on the day they vest. This should be listed on your supplemental information received with Form 1099B. You'll need to adjust your basis to avoid being double taxed. You should have some kind of records to determine the FMV. Your daughter's employer should be able to assist as well. 

To adjust the basis on your RSU sales in TurboTax:

1. In the Federal > Income & Expenses > Investment Income section of your return, click Start/Revisit next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
2. Answer Yes and then select stocks. Import or enter your transactions manually. 
3. For the RSU transactions, make sure to select Yes to Do these sales include any employee stock?
4. Enter the transactions as they appear on the 1099-B with RSU selected as the type of investment.
5. If the basis reported on the 1099-B is not correct, you will be able to adjust it to match the supplemental information provided on the next screen, Enter your cost basis to ensure your best outcome. If you have the basis for the sold stocks, you can enter it under I found my cost basis. Otherwise, select I can't find it and need help and TurboTax will determine the basis using your brokerage information.

Please review the link below for more information:

Cost Basis of RSU