I have less than 120 transactions, would like TurboTax to list them out when I e-file instead of summarizing them together (various).
The IRS doesn't require the detailed listing so the summary method is used by the program.
Various is an option only when you sold a bunch on the same day (all at the same price) but you bought it in pieces on two or more days.
Not to be confused with the Summary on Schedule D line 1a or 8a.
Usually crypto does not generate a 1099-B so you can't report in that sales category.
Instead the category is C or F.
I understand how various works, but is there a way to ask TurboTax to list out all the transactions instead of combining them all together on Form 8949?
you mentioned various ; what does various have to do with the issue you are having ?
Various is fine when they summarized it all on Form 8949, but I would like all my transactions to be listed out in 8949 as well (on following pages).
As you can see, all they do is group it all together. They don't list each transaction. I want them to list out each transaction here instead on the Form 8949.
Please advise, thank you very much!
This issue has been raised on the forum many times earlier this year ( prior to the May deadline).
But the context was Category Box A or Box D.
Those are the only categories for which the IRS allows an exception to the requirement to detail every sell transaction.
Evidently, there is no way to alter this behavior, which may be new for 2020.
We can't see what is in your data file but if there are many SELLs on different dates, then summarizing for Category Box C is not allowed by the IRS, but the 8949 you posted is valid if there was one sale only.
IRS won't be able to know since there is no 1099-B.
If you want to e-File with TurboTax, you'll have to hope that the IRS will accept the TurboTax behavior (take your word for it) and not make an issue of it.
Given IRS's limited resources, you will probably not have any problems filing this way.
i assume you have looked at your crpyto records and there are many transactions listed, therefor TurboTax is doing this to you. It is pretty sneaky.
Correct, there is actually 121 transactions. And TurboTax decided to NOT list them for some odd reason.
I have read through hours of the forums as well and there doesn't seem like an answer for it.
I guess the best thing I can do is mail in 8453 and 8949 as well?
Is Turbotax telling you to mail in the details? I don't think so.
In that case, your summary 8949 would say "see attached".
if you put your data file into the form and manner of 8949 you can mail that .
You should reorder the columns as necessary.
Add a heading with your name SSN and tax year.
https://www.irs.gov/pub/irs-pdf/f8453.pdf
The previous years, TurboTax automatically included every transaction as attachments. I just got off the phone with a TurboTax rep, and she too is aware of these things. And they aren't sure why the product team changed how 8949 is done for 2020.
"
Dear TurboTax Customer,Thank you for contacting TurboTax Support. Here is the information we discussed during our call: You don't need to manually fill out Form 8949 because we automatically do that when you enter your investment sales or exchanges. Most taxpayers don't need to mail in their 8949s either (unless they're paper-filing, in which case it gets included along with all their other tax forms). If you're e-filing, you only need to mail copies of your 8949 along with Form 8453 if:
If you're required to mail in forms 8949 and 8453, do so within 3 days after the IRS has accepted your e-file. Here's the mailing address: Internal Revenue ServiceTip: 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." |