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VAer
Level 4

Stocks or Investments Sold does not match the Gain/Loss in form 8949

First, I use TurboTax desktop software.

 

I have three 1099B (Stock Sold) to report on form 8949, one of form is imported, and the other forms are reported with summary number (I will mail out supporting document 1099B).

 

Issue: On form 8949, there is only one line "see attached statement", which is what I will mail. There is no mention of "see attached statement" for another broker. The big problem is - after I e-filed, there is only one sheet of Form 8949 (print out tax return record), while I expect multiple sheets, and of course line 2 Total number is wrong. However, on turbotax software tab Income, the number is correct, and schedule D numbers are correct too. So form 8949 inaccuracy does not affect anything. It is just like missing some form 8949 page. 

I checked 2022 Tax Return Record (PDF print out. also done by TurboTax software), it works much better, I have 5 pages of form 8949

 

I have also tested FreeTaxUSA website, I input three 1099-B summary numbers on the website, in the final step(I did not file with FreeTaxUSA), I preview its PDF version of tax return with watermark.  Its form 8949 has only two lines of data: Broker #1 See Statement, Broker #2 See Statement . While I expect to see three lines of data, broker #3 is nowhere on form 8949, since I enter summary numbers for three broker. However, its schedule D numbers are correct too, exact same as TurboTax schedule D.

 

It makes me so confused, since both Form 8949 is inaccurate in its PDF tax return printout. Both are inaccurate, but they are missing different data, so their numbers on form 8949 line 2 are different too. Both have only one sheet of form 8949. While their Schedule D numbers are accurate.

 

I have spent too much time on tax return already, and it has already been e-filed, there is nothing I can change. And schedule D and other tax form numbers are correct, it is just form 8949 not looking correct.

 

Thanks.

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1 Reply
DianeW777
Employee Tax Expert

Stocks or Investments Sold does not match the Gain/Loss in form 8949

You can file your 8949 or your 099-Bs with the IRS, including Form 8453.  Not all entries need to be on the Form 8949, so it would make sense that the Schedule D and your tax return is correct.

 

If you're e-filing, you only need to mail the IRS a copy of your 8949 (along with Form 8453) if you entered sales section totals for one or more sales categories (instead of each individual sale) and one of the following is true:

  • The sales category for one or more summaries is something other than box A (short-term covered) or box D (long-term covered), or
  • The box A or box D summary includes adjustments (typically listed in boxes 1f or 1g on your broker statement)

If you're required to mail in forms 8949 and 8453, do so within three days after the IRS has accepted your e-file. Here's the mailing address:

Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254

Tip: In lieu of Form 8949, you can substitute copies of your year-end broker statements that show the individual transactions. You don't need to include unadjusted Box A or Box D transactions.

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