How to bypass Form 8949?

[bp40]

I have short-term stock sale entries that have cost basis reported to the IRS on the 1099-B and have no adjustments. I don't want them printed on Form 8949.  I just want the aggregate values reported on Schedule D, line 1a. How do I get TurboTax Premier 2023 to do that?

[DawnC]

TurboTax puts your stock transactions on both forms, Schedule D and 8949.  Use Form 8949 to reconcile amounts that were reported to you and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts you report on your return.   The subtotals from this form will then be carried over to Schedule D (Form 1040), where gain or loss will be calculated in aggregate.   If it is asking you to send in Form 8949, you need to delete the transaction and enter it individually, one by one, instead of in a summary.   

Why do I have to mail 8949?  If you're e-filing, you only need to mail the IRS a copy of your 8949 (along with Form 8453) if you entered sales section totals for one or more sales categories (instead of each individual sale) and one of the following is true:

• 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)

[fanfare]

@DawnC   --

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

In this case, Form 8949 should not appear.

@bp40   --

This is now the TurboTax default action for Box A or Box D whether with detail or with summary.

Based on prior forum complaints about this. it seems there is no way to force TurboTax to list all such transaction details on Form 8949, as allowed by IRS.

[rjs]

@bp40 

Here's how to bypass Form 8949 for the situation that you describe. Do not import the 1099-B information. Enter it manually. When TurboTax asks whether you want to enter the sales "One by one" or as "Sales section totals," select "Sales section totals." Then on the entry screen, for the sales section select "Short-term basis reported to IRS (covered)," and enter the total proceeds and total basis. It will be reported on Schedule D line 1a, with no entry on Form 8949.

Selecting "Sales section totals" will not require a PDF upload.

[bp40]

@rjs , @DawnC , @fanfare 

I should have also included the fact that some of the stock transactions (fewer than 100 total) are of the short-term "Box A" category with adjustments and some are of the short-term "Box B" category (basis is not reported to the IRS). So there are transactions that need to be printed on the Form 8949, but the majority of them are "Box A" with no adjustments, and I don't want those listed out on Form 8949. How does one go about achieving this?

[Mike9241]

all you need to do is to enter two numbers total sales proceeds and total cost. You can not import the 1099-B because that will result in entries of every sale on the 8949. here's how to avoid the one-by-one entries, the 8949 and get those two numbers to line 1a on schedule D. Turbotax makes you go through multiple steps when you're using online. much easier with desktop. so here are the online instructions:

1) go to the investment section

2) select the line that says 1099-B  click on visit all or update

3)did you sell investment - yes

4) select stocks, bonds etc (s/b a check mark when done)

5) continue

6) skip import

7) enter the financial institution's name (it actually can be anything you like because the name is not actually reported to the iRS)

😎 sales of employee stock - no

9) more than 3 sales - yes

10) any other types of investments  - no

11) did you buy every investment listed - yes

12) continue

13) select sales section totals

14) continue

15) on TurboTax page that says look for your sales on 1099-B  continue bottom right

16) sales section select from the dropdown - short-term basis reported to IRS (covered)

17) enter the total proceeds and cost (the two numbers)

18) continue

you will see a page with your investment sales summary

You're done at least for that 1099-B

if you have another 1099-B click on add more sales

you should see the info only on line 1a of schedule D using the method

same with long term except step 16 would be long-term basis reported to IRS (covered)

[bp40]

@Mike9241 

I use TurboTax Premier on Windows (desktop).

I also have transactions with adjustment, and also "Box B" transactions; all those I want to be listed on Form 8949. But for the "Box A" transactions with no adjustments, I want their aggregates to show on Schedule D, line 1a only. How do I do that?

[fanfare]

as I mentioned, Turbotax is going to do that, even if you import the 1099-B from the broker.

This is undocumented.

@bp40 

[rjs]

---

@bp40 wrote:

I use TurboTax Premier on Windows (desktop).

I also have transactions with adjustment, and also "Box B" transactions; all those I want to be listed on Form 8949. But for the "Box A" transactions with no adjustments, I want their aggregates to show on Schedule D, line 1a only. How do I do that?

---

@bp40 

Follow the instructions above to enter the total proceeds and basis for the sales without adjustments (box A). Then go back to the beginning and select "One by one" instead of "Sales section totals" to enter the sales with adjustments (box B) individually. This will give you what you want. The box A totals will be on Schedule D line 1a and not on Form 8949. The individual box B sales will be on Form 8949.

If you're looking for a way to make TurboTax do this automatically, you're not going to find that. And as a couple of us have said, you can't accomplish what you want if you import the 1099-B. You have to make the entries by hand.

[fanfare]

Other posts on the forum contradict you so only someone who tries it now will be able to answer definitively