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arugbyref
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After 1099n download 8949 is not populated

I am running TurboTax Premier on a Windows 10 Home laptop. Both Windows and TurboTax are fully updated to latest revisions.

I successfully downloaded the 1099 from my Brokerage Account but TurboTax doesn’t seem to have generated the 8949s. Two hours and 4 phone calls with TurboTax support resulted in them generating an ACN to Tech Support.

That was 24 hours ago and no email or phone call.

Anybody have any idea how I can populate form 8949. I have hundreds of trades to check.

Thanks

John

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1 Reply

After 1099n download 8949 is not populated

Did you have any Wash Sales or trades in securities where cost basis is not reported to the IRS by your broker (non-covered)? I think those are the only trades TurboTax is putting on 8949s this year.  If you had neither of those then in theory your 8949 could be blank.  It was not done like this in the past for TurboTax but on their blog they provide reasoning for why some trades can be omitted from the 8949 this year. My 8949 only has wash sales and non-covered securities which in theory makes sense because those are the only trades the IRS does not have visibility to for cost basis.

 

The live agent directed me to this...

 

 

"

There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses:

  1. Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949.
  2. Taxpayers can omit transactions from Form 8949 if:
    • They received a Form 1099-B that shows that the cost basis was reported to the IRS, and
    • the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term).

If one of the exceptions applies, then the transactions can be summarized into short-term and long-term and reported directly on Schedule D without using Form 8949."

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