To 8949 or not to 8949 = $64,000 question

[Tom in Carolina]

Quite a few people received a note from TT after they file taxes that they had to mail in the 8949 ... even though TT reviewed and Smart Checked their filing and said all was OK

** Did Turbo Tax fix this "file or not file 8949 issue" for the TT 2022 version ?

** Several sources, including TT say it is not necessary if you don’t have any:

non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term). And you reported the “basis” on schedule D

Also: Does the IRS basically say you need to file all the same data as is filed from example: “Schwab” on their 1099-B i.e. every transaction and the Totals ?

Apologies for the minutia

Tom

[MarilynG1]

All Capital Gain/Loss is reported on Form 8949, so that form goes with every return, whether you Efile or mail.

The difference is that if you choose to Enter Summary Info (one line for LT, one for ST, etc.) that is what appears on Form 8949.  In that case, you mail your Form 8949 (which is still included in your return if you Efile), along with the detail for your summarized transactions.  That detail could be a 1099-B, a CSV file of crypto transactions, a PDF of a consolidated 1099, etc.)

So it's not a TurboTax issue; it depends on how you want to report your transactions. If you imported your complete broker info, for instance, you will not have to mail anything.  You are correct that certain types of transactions don't require details to be sent separately.

Here's more info on How to Enter a Summary in Lieu of Individual Transactions and Mailing Form 8949 for Summary Totals. 

@Tom in Carolina 

[fanfare]

Regarding stock and options, for Box A and Box D, only wash sales or other adjusted transactions have to be itemized on Form 8949.

The other transactions without adjustments can be aggregated. Report the sub-totals of cost and proceeds for those transactions on Schedule D Line 1a or Line 8a respectively.

If you have no wash sales, there will be no form 8949, No attachment is necessary. No mailing is necessary

----

For the other box categories, all details must be entered either by e-File or by mail.

@Tom in Carolina 

[fanfare]

if you are mailing details separately , preface with Form 8453 and check the last box.

@Tom in Carolina 

[fanfare]

"Does the IRS basically say you need to file all the same data as is filed from example: “Schwab” on their 1099-B i.e. every transaction and the Totals ?"

Basically , No.

The requirement is relaxed by the :

Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary.

There is no exception for the other Box Categories.

[Mike9241]

certain A or D type transactions where there are no adjustments can be reported directly on line 1a or 8a of Schedule D - no 8949 reporting. nothing to send to IRS. 8949 transcations entered in detail also do not need any other detail submitted to IRS. however, if transactions are grouped and code M (in the adjustment column) is  used that tells Turbotax that the  line consists of multiple transactions and the detail of each needs to be submitted to the iRS using form 8453

[Tom in Carolina]

All Answers were both appreciated and Good !

I just filed without including a Form 8949 and 

Did Not  get dinged with a "you must file Form 8949" notice after filing.

I had about 15 stock sales and none were wash sales or other adjusted transactions.

Last year - even though I had no wash sales or other adjusted transactions

I filed and then immediately got a notice that I had to mail the 8949 + the transmittal form.

PTL - I am done for another year.

Best to all,

Tom