Form 8453 only lists Form 8949, why do I need it ?

Forum|Forum|3 years ago
March 29, 2023
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So after I e-filed my federal return, I was told I needed to mail in Form 8453, along with any supporting documents that it lists. However, my Form 8453 only has a checkmark by Form 8949, where it says "if you elect not to report your transactions electronically on Form 8949". As best I can tell, my Forms 8949 were transmitted electronically (since they are included when I print out "returns for my records" ) ? So do I need to mail anything in ? It appears not. If not, why did Turbotax bother me with this ? It knows perfectly well that my Forms 8949 (two of them) were included with my return. I am very confused. It IS true that for some of my Forms 8949, I just included the summary information from my brokerage's 1099-DIV statement; is it saying I need to include the 1099-DIV showing the individual transactions ?

I also note that some of the numerous other questions here that refer to Form 8453 mention 1099-B forms. My Form 8453 does not mention 1099-B though (it's not even one of the possible options). So what's up with that ?

Best answer by DawnC

If you entered transactions as a summary instead of listing out transactions one by one, TurboTax will instruct you to mail in the details to the IRS within 3 days of filing your return. The IRS needs details for any transactions that were summarized EXCEPT for Box A and D transactions without adjustments (those can be summarized). See the FAQ linked below which explains this IRS requirement.

Do I need to mail Form 8949 to the IRS? Note, you can provide broker statements that list the individual transactions instead of a detailed Form 8949.

DawnCAnswer

Level 15

Do I need to mail Form 8949 to the IRS? Note, you can provide broker statements that list the individual transactions instead of a detailed Form 8949.

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RustyShacklefordAuthor

Level 5

Ok thanks. I wish the header page, that Turbotax printed out with the Form 8453, explained it as well as you did.

BTW, do you know if I had opted to import the 1099-B from the brokerage (Northwestern Mutual) instead of entering the summaries by hand, would it have listed all the individual transactions and absolved me of needing to file Form 8453 ? Or does it just mean I could've mailed in the Forms 8949 with the detailed transactions instead of having to mail in the 1099-B ?

fanfare

Level 15

details that appear on your e-filed return do not have to be duplicated on paper mailed to the IRS.

unless excused by the exception noted above,

IRS requires details of your SELL transactions to be supplied on some Form 8949,
or on your other forms (e.g. consolidated 1099-B or spreadsheet) which have the same information and in the same manner as Form 8949.

@RustyShackleford