Form 8453 Required to mail after eFiling + Form 8949

[Tom in Raleigh]

I enter all my data in TT Deluxe, check it three times, get no errors, efile and then ...

Find out I need to mail in Form 8453 with Form 8949 = "Sales and other Dispositions of Capital Assets (or a statement with the same information) if you elect not to report your transactions electronically on Form 8949"

#1 Wonder why the "errors" function did not red flag this ?

#2 Is there a way to find out what 8949 is related to? We sold our home in 2020 with all transactions completed by year end of 2020. Stocks? K-1 from Stock investment?

#3 Can I amend our tax filing via Turbo Tax and efile ?

Many thanks for your help,

Tom

[MHHPartner]

Tom,

I had the same thing happen this year. You can still file electronically as usual, you just need to print out the Forms 8949/8453 separately and mail them in.

It would be nice if TT let you know ahead of time what was going on, but it doesn't.

It appears that mine was triggered by either 1) some Robin Hood investment transactions that were too numerous to fit on Schedule D or 2) a few sales of scrap gold, thus triggering the Form 8949 where "additional info" is entered.

It's no big deal, just additional info that won't fit on the Schedule D for capital gain.

Good luck!

Herb

[tagteam]

There is On Demand Tax Guidance in the program (see screenshot) and this is probably the result of entering a summary for stock sales. 

It would (most likely) be quicker and simpler if you mailed the forms. Otherwise, you would have to list each transaction.

[MHHPartner]

It's not an "error", so it won't show up in the error-checking process.

Herb

[Tom in Raleigh]

Thanks Herb - see you next year 😆

[AmyC]

1. not an error, entry option

2.About Form 8949, Sales and Other Dispositions of Capital Assets encompasses all that you mention. 

3. You can't amend a return until the original is through processing and bank transactions are complete. 

You will need to mail the form. Often, the 1099-B is also required so double check what you need to mail.

@Tom in Raleigh 

[Tom in Raleigh]

Hey Champ - Thanks for your speedy reply. I found what I think is the culprit (other than my own lack of knowledge) = the 1099B “details”  "Proceeds from Broker and Barter Exchange Transactions" ... involving two transactions…. stating to “Report details on Form 8949 or Schedule D” … I just listed what I saw in the “Summary”.

*** Since there are only two transactions, I may just list them on F 8949 and mail them… or Would you suggest I mail 2021 Form 1099B from my stock broker listing the descriptions / details ?

*** Does Turbo Tax provide a service that I can call an expert directly to answer questions when I run into situations like this in future years?  Everyone in the community is very good answering questions (you get a gold star for all your help) … but sometimes there is a delay or no answer at all.

Again many thanks for your help – you are a true GEM and real asset to this community !

Tom

[tagteam]

You might as well just list them if there are only two transactions.

TurboTax offers a service called Live and also Full Service, that you can read about at the link below.

https://turbotax.intuit.com/lp/ppc/1271?srqs=null&cid=ppc_gg_b_stan_all_na_turbotax-live-full-servic...

[Tom in Raleigh]

re: You might as well just them if there are only two transactions.

"list them" ?? on form 8949

[tagteam]

Yes, sorry. I hit the "Post" button too quickly.

Also, yes, on Form 8949.

[Tom in Raleigh]

Hey Amy –

Kudos to you also for answering my questions. 

Are you part of the "Get expert advice as you do your taxes, with a final review" / "Live"

or is the "community" a separate entity.  I'm trying to understand how all things Turbo Tax work.

I am newly retired and my investment portfolio is now more complicated !

... and hence - my taxes

Again - many thanks.

Tom

[Tom in Raleigh]

Hello again Champ,

I am questioning my ability*** to complete 8949 so I called TurboTax Support.

They said 8949 was not created because I was only using Deluxe and not Premier.

Their suggestion was to open TT, select amend return and then upgrade to Premier.

Next - download the 1099 tax information from my broker.

Apparently this should complete the form 8949.

Does this sound like the best way to solve my issue***  ?

Many thanks,

Tom

[tagteam]

If Support recommended that procedure, you should probably do with it. After all, if there is an issue, they will have to resolve it since they suggested it.

[Tom in Raleigh]

Thanks Much !

[DIYtaxes123]

@AmyC what if I have a 1041 Trust return?  How do I mail in my 8949 with my 1099-B statements?   I summarized my 1099-b transactions and but when I go to electronically file, Turbo Tax Business edition has written in the description box for each section on 8949 "See Attached statement".  So I know I need to physically mail in my 8949 and 1099-b statement but 8453 is for individual tax returns and not trusts - which is probably why TT doesn't generate a 8453 for me.   It does however generate a 8453-FE but that is just to authorize electronic filing and the instructions from IRS on 8453-FE specifically says I cannot use this to file paper copy.

I'm using Turbo Tax Business Edition (desktop)