Form 8949

Forum|Forum|6 years ago
February 22, 2020
1 reply
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Using TurboTax Business, I prepare Investment Income. When I enter the fields from my 1099-B related to "Short Term with cost basis reported to IRS", and I include "Accrued Market Discount", it seems that TurboTax adds the difference between Proceeds and Basis with the figure for "Accrued Market Discount", essentially counting the "Accrued Market Discount" twice when computing total income. Then, on the 8949 form, column 1f is blank (i.e. no code is provided), even when there is a figure in 1g. To summary, the "Accrued Market Discount" amount seems to be counted twice when determining total income and the "1f" column on the 8949 form is left blank. Both of these seem to be errors in TurboTax.

TurboTax Business Windows

Anonymous_

Level 15

In which module in TurboTax Business are you working?

I did a quick test in the 1041 (trust/estate) module and the 8949 appeared to be correct.

eddaAuthor

Level 2

I am not sure how to answer your question regarding "section", but if I look at the screen, I see that I am in Federal Taxes, Income, Edit Box A Sales. When I complete this section, including entering "Accrued Market Discount" and then look at the 8949 Form that is produced, I see column 1F is blank and there are amounts in column 1G. Also, at the bottom of the "Edit Box A Sales" screen, if I select "Continue" and I go to the "Summary for this Account" screen, the "Net Gain/Loss" figure includes the total for the columns labelled "1F" on the "Edit Box A Sales" screen. If on that screen, I compute the difference between "1d" and "1e", this seems to me to be what should be reported as income, but the figure on "Summary for this account" screen includes the "1g" value. All I actually earned from the transaction is the difference between selling price and cost, so to me, including "1g" is including more income than should be include.

Thanks for responding to my inquiry.

eddaAuthor

Level 2

@edda wrote:

The equivalent line on the generated 8949 shows columns d, e, f, and h, with the following values: 1,000, 999, blank, blank, 1. The last column (h) indicates that profit of $1 was made on the transaction, when in fact there was no profit.

So, you are seeing something different on Form 8949 than what appears in the screenshot below? I used your figures to generate the screenshot.

Yes. I am seeing

1,000 999 blank blank 1.

where you are seeing

1,000 999 D -1 0.

Where you see a "D", I see a blank space. Where you see a -1, I see a blank space, and where you see a 0, I see a 1.

I have all the latest updates on TurboTax for Business, so I don't get it....