Hello Everyone:
I have finished importing my financial data from my brokerage (Schwab) and prior to completing my 2020 Tax Return, I decided to print a DRAFT pdf of my tax return for proof reading. I see that Form 8949 Part 1 is not present. The imported information from Schwab is correctly populated and I have over 100 Short Term Gains & Losses that amount to a small net gain. Nonetheless, when printing the DRAFT, Form 8949 Part 1 does not generate in my DRAFT. Please note that Form 8949 Part 2 does generate and is accurate. Is this a software glitch?? Would someone be able to help?
I appreciate any suggestions/advice.
You'll need to sign in or create an account to connect with an expert.
Are the total proceeds, cost, and gain for the short-term sales shown on line 1a of Schedule D? If so, Form 8949 is not used for those sales.
Are you using TurboTax Online or the CD/Download TurboTax software?
Where do you see the imported short-term sales "populated" if they are not on Form 8949?
Thank you rjs!
Yes, the total proceeds, cost, and gain for the short-term sales are shown on line 1a of Schedule D !!
In answer to your second question, I am using TurboTax Download.
In answer to your third question, ...the "populated" data was contained in the TurboTax program itself when I chose to "Edit" and therefore review the data entries. This myriad of Short Term Gain/Loss data did not appear as a lengthy "worksheet" (for lack of a better term?) as it did on my previous TurboTax 2019 Form 8949 Part 1 last year. Thus my concerns were aroused.
I do believe you have answered my question if I understand correctly and consequently I am most appreciative! Thank you Champ!
I had the same problem and this answer caused me to read the fine print on Schedule 1a and 8a, which explain the change.
Thanks
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
vsnyder93
New Member
elijahmclaughlin
New Member
vishpp
New Member
Callindril
Level 2
saviochenyu
New Member