Hello, I have some questions for preparing schedule D and Form 8949 without importing the data. For filing a joint return that I am the main filer, we have the following capital gains/losses:
1. From sale of a stock due to a merger, I had a long-term gain of $100 and cost basis of $40, which on the 1099B shown as covered securities with the basis reported to IRS (form 8949, Part II, box D); and a long-term gain (same stock) of $900 and $0 cost basis, which on the 1099B shown as non-covered securities with the basis not reported to IRS (form 8949, Part II, box E).
2. My spouse has a brokerage account that had about 100 sales in total. On the 1099B from the brokerage firm, some were short term gains/losses with basis reported to IRS (if using form 8949, Part I, box A), and some were long term gains/losses with basis reported to IRS (if using form 8949, Part II, box D).
3. My spouse also had a sale of main home that the 1099S showed only the gross proceed. The sale was about $150,000 that had a net loss of $3,000
For item #2 above, I don't have the ability to import the data and will need to put in the 100 items individually if I were to report them on Form 8949. There are no adjustments needed for the gains/losses described in item #2. My questions are:
A. Can I put the total of these 100 items directly onto Schedule D line 1a (total short-term gain with basis reported to IRS) and line 8a (total long-term gain with a basis reported to IRS), so I don't have to input 100 items individually to Form 8949? And can I put the stock sales per item #1 above and the home sale per item #3 above on Form 4949 only?
B. If so, I think the entries will be the followings:
- Form 8949,
* Part II, Box D - $100 stock sale (covered securities with basis reported to IRS, no adjustments)
* Part II, Box E - $900 stock sale (non-covered securities with basis not reported to IRS, no adjustments)
* Part II, Box F (1099S) - $150,000 home sale with loss of $3,000, code L (as in Loss?) on column f and $0 on column h
- Schedule D
* line1a - total short-term gain in the brokerage acct (per item #2 above) that had total of 100 sales (no adjustment, no input on form 8949)
* 8a - total long-term gain in the same brokerage acct (no adjustment, no input on form 8949)
* 8b - stock sale of $100 (per item #1 above) covered securities with basis reported to IRS (no adjustment, input on form 8949)
* 9 - stock sale of $900 (per item #1 above) non-covered securities with basis not reported to IRS (no adjustment, input on form 8949)
* line 10 - sales of home (per item #3 above) which the 1099S showed only the gross proceed, with net loss of $3,000 (code L on column f and $0 on column h on Form 8949).
Basically, I want to find out whether on Schedule D, I can use line 1a and 8a in conjunction with the other lines such as 8b, 9, and 10. Line 1a and 8a would be for the total gains/losses that are not shown on Form 8949, and line 8b, 9, and 10 would be items that are shown on Form 8949. Or if I use Form 8949 for some of the gains/losses and transfers them into Schedule D of line 8b, 9 and 10, do I have to report all the gains/losses on Form 8949 first, and therefore cannot show any data on 1a and 8a of Schedule D?
Also, If I can use 1a and 8a to report the gains of the brokerage account, can I also combine the one stock sale of $100 due to the merger (long term covered securities with basis reported to IRS and no adjustments) into line 8a with the total of the brokerage acct, or do I need to report it separately on form 8949 box D, and then on Schedule D line 8b, even if there is no adjustment?
Hope my questions are clear. Thank you for your help in advance.
