Hello, I have two brokage accounts, one of them had over 100 sales with some wash sales. I would like to find out how to report the capital gains for these sales on Form 8949 and schedule D. I am making the entries manually instead of importing the 1099Bs from the brokage firms, so I prefer not to have to input each individual sale and have over 100 sales lines on Form 8949. All the sales are transactions that the basis was reported to IRS (Form 8949 box A short term)
Brokage Account #1 (name “Merrill”) – No adjustments, so I can put the totals directly on Schedule D, and they won’t be on Form 8949?
Total of Short term gains - $5,000
Total of Long term gains – 2,000
Brokage Account #2 (name “TD”) – 3 short term gains are “wash sales” that I need to use Form 8949 to report the 3 wash sales adjustments.
Total of Short term gains including the wash sales on Form 1099B (Box A) - $4,000
3 short term gains that are “wash sales” (Box A, column f -W, column g – adjustment) – total to $300 ($100, $150, $50)
Total of Short term gains that did not have adjustments - $3,700 ($4,000 minus $300)
Long term gains - no adjustments - $1,000
On Form 8949, for Brokage Account #2 (TD), can I just list only the 3 wash sales with code “W” and “wash sale adjustment $” individually, and then group/combine the rest of the “non-wash sales” that don’t have adjustments (over 100 sales) into one line, so the total of these 4 entries on Form 8949 would match with Form 1099B from “TD” brokage firm?
For instance – Brokage Acct #2 (“TD”)
Form 8949 -
Box A “checked” – short term transactions with basis reported to IRS
Wash sale 1 – share # and description “stock name 1”, sale proceed = $100
Wash sale 2 – share # and description “stock name 2”, sale proceed = $150
Wash sale 3 – share # and description “stock name 3”, sale proceed = $50
Total of the rest of the sales that don’t have adjustments – description “brokage name TD”, there would not be any detail/data on number of shares, stock description, date acquired and date sold, sale proceed = $3,700 ($4,000 - $300 wash sale)
So there would be 4 lines on Form 8949 (3 wash sales and 1 total of non-wash sales).
Schedule D –
Part I (short term)
Part II (long term)
Or, instead listing the sales that do not have adjustments ($3,700) as one line item under Box A on Form 8494, can I just group the $3,700 with the $5,000 from “Merrill” on Schedule D line 1a to show a total of $8,700? If I do this, Form 8949 would only have the 3 wash sales, and Schedule D line 1b would show $300.
My concerns are:
Also, I am using TurboTax software to do the tax, but I plan to file it as paper return. When I file the paper return, do I need to attach any document for the capital gains to the paper return? Either TurboTax or the 1040 instruction seems to indicate I need to attach the brokage statement to the paper tax return.
Please advise. Thank you.
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