How can I use a prepared Form 8949 instead of entering a 1099-B?

crn8792 · ‎June 4, 2019

I received a Form 8949 and a 1099-B prepared using different methods of cost basis reporting, and I would like to use the 8949 instead of entering the 1099-B data and having TurboTax prepare the 8949. How can I do this?

I am using Wisebanyan and found information about the 8949 vs 1099-B on their website, but I am not sure how to use Form 8949 directly with TurboTax or if it is possible.

Thanks for your help.

KittyM · ‎June 4, 2019

You may use the summary figures from the 8949 you received, and indicate in TurboTax that you are mailing in the 8949 to the IRS - TurboTax will then generate a Form 8453, to which the Form 8949 must be attached.

To do this in TurboTax,

In your open Federal return, choose Wages & Income
Scroll down to Investment Income and Show more
Start or Revisit Stocks, Mutual Funds, Bonds, Other
Add a sale and answer Yes, you got a brokerage statement.
On the next page "Choose your bank or brokerage," scroll down and select "I'll type it in myself."
Enter your brokerage name and Continue
on the page "Tell us about your Brokerage 1099-B" choose the radio button for "I'll enter a summary for each sales category." (If you need more info at any time, select Learn More.)

This will generate the required Form 8453. In limited situations, the forms are not required to be mailed. TurboTax will notify you if this applies in your case.

View solution in original post

KittyM · ‎June 4, 2019

You may use the summary figures from the 8949 you received, and indicate in TurboTax that you are mailing in the 8949 to the IRS - TurboTax will then generate a Form 8453, to which the Form 8949 must be attached.

To do this in TurboTax,

In your open Federal return, choose Wages & Income
Scroll down to Investment Income and Show more
Start or Revisit Stocks, Mutual Funds, Bonds, Other
Add a sale and answer Yes, you got a brokerage statement.
On the next page "Choose your bank or brokerage," scroll down and select "I'll type it in myself."
Enter your brokerage name and Continue
on the page "Tell us about your Brokerage 1099-B" choose the radio button for "I'll enter a summary for each sales category." (If you need more info at any time, select Learn More.)

This will generate the required Form 8453. In limited situations, the forms are not required to be mailed. TurboTax will notify you if this applies in your case.