In TurboTax 2023 Premier, how can I enter data for columns (f) and (g) on Form 8949

[TexasVol]

I need to make an adjustment on several stock transactions using columns (f) and (g) on Form 8949. I entered the transactions using the "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other" option under "Wages & Income" but don't see a way to enter this data. I also tried switching to the Forms view in TurboTax and can click into the fields for these columns but can't enter anything. 

This worked in TurboTax 2022. What am I missing?

Thanks,

Scott

[rjs]

As you discovered, you cannot make entries directly on Form 8949. All the information flows from various worksheets. Entering investment sales in forms mode is very complicated and error-prone. TurboTax strongly recommends using the Step-by-Step interview to enter investment sales. How you enter adjustments depends on the type of adjustment. What specific adjustment codes do you need to enter?

For incorrect basis (code B), on the screen where you enter the details of the sale, check the box that says "The cost basis is incorrect or missing on my 1099-B." Continue through the questions. Two screens later you will be able to enter the correct basis.

You can enter adjustments for accrued market discount (code D) or wash sale loss disallowed (code W) on the screen where you enter the details of the sale. Check the box that says "I have other boxes on my 1099-B to enter," then enter the adjustment in box 1f or 1g.

The next screen after you enter the details of the sale says "Let us know if any of these situations apply to this sale." You can enter adjustments for sales expenses (code E) or to change the holding period (code T) by checking the appropriate box on that screen.

[TexasVol]

Thanks for the reply. I need to enter an adjustment with code O to include additional fees not captured on my 1099-B.

I'm not seeing the the next screen after you enter the details of the sale, which is supposed to say "Let us know if any of these situations apply to this sale."

Any ideas what might be going on here?

[rjs · Accepted solution]

"I'm not seeing the the next screen after you enter the details of the sale, which is supposed to say 'Let us know if any of these situations apply to this sale.' Any ideas what might be going on here?"

Are you entering individual sales ("One by one") or summary entries ("Sales section totals")? You don't get the "Let us know" screen for summary entries.

"I need to enter an adjustment with code O to include additional fees not captured on my 1099-B."

Shouldn't the fees be entered as sales expenses, code E, rather than code O? That's what code E is for. According to the "Learn more" help in TurboTax, sales expenses would include such things as wire transfer fees, phone or fax fees, and express delivery fees. Entering code E is much easier in TurboTax. And according to the Form 8949 instructions, you're only supposed to use code O if no other code applies. (I also suspect that code E is less likely to be questioned by the IRS.)

There's no way to enter adjustment code O in the Step-by-Step interview. It can only be entered in forms mode. You have to enter it on the Capital Gain (Loss) Adjustments Worksheet for the sale. Find the sale on the Capital Asset Sales Worksheet. Click on any text or numeric field for the sale (not a drop-down list or check box). For example, click on the Property Description. Then click the little magnifying glass that appears to the left. This will QuickZoom to the existing Capital Gain (Loss) Adjustments Worksheet for the sale if there is one, or it will prompt you to create one.

On the Capital Gain (Loss) Adjustments Worksheet, in Part III, scroll down to the "Other adjustments" box at the top of page 2. Check the box for "Other adjustments," and enter the fees as a negative amount. This will enter code O in column (f) on Form 8949, with the amount that you entered in column (g).

[ddinh]

I have the same problem. Can not enter any code or adjustment on form 8949.

To off set the PTP stock sale.

[rjs]

@ddinh  More information is needed to answer your question. Please answer the questions asked in the separate thread that you started, and continue the discussion there, not here in this thread.

[TexasVol]

I never could see the option to add adjustments when entering the sales one by one. However, I was able use the approach from the Capital Asset Sales Worksheet. Also, I agree with code E. That makes the most sense for my situation.

Thanks for the help rjs.