Sale included shares where the cost basis was not reported to the IRS. Do I include a copy of my 1099-B? A statement of how a determined cost basis? Just the 8949?
Yes, the attached statement that you need to send is your Form 1099-Bs (and/or other statement detailing transactions) with Form 8453. Below is a more expansive answer on this topic.
Do I need to mail these forms after my return is accepted?
Can the software please warn that using the summary method will force the user to physically mail additional forms. I would have filed them individually if I knew that.
Exactly. BTW, could I amend my return to file the transactions separately to avoid mailing form 8453?
+1 to warning users about physically mailing additional forms.
(Btw, to answer the question about amending the return to avoid mailing form 8453... I believe the amending form Form 1040X itself cannot be e-filed and must itself be mailed in. So it sounds like we'd need to mail something in either way once the "mistake" is made to file a return using the summary method.
See <a rel="nofollow" target="_blank" href="https://www.irs.gov/faqs/electronic-filing-e-file/amended-returns/amended-returns">https://www.irs.gov/faqs/electronic-filing-e-file/amended-returns/amended-returns</a> )
There is now a note on the page, but the circumstances around this piece are still very confusing. I apparently have to mail an additional form, even though my return already includes an 8949 with individual transactions. This is apparently because I opted to take the foreign tax credit instead of deduction, which makes absolutely no sense.
Hi @AnthonyC ,
Is this still relevant for 2020 (2019 tax year)?
I filled out all the transactions online, and even attached PDFs of the foreign transactions that were not reported to the IRS. (Box C and F transactions). As far as I can tell, IRS has all the necessary information - it would have received my 1099-Bs directly, and the PDF statements for transactions that were not reported on 1099-Bs (attached in Turbotax, I'm assuming they will be e-filed).
Thanks!
Neil
I see the cost basis is reported on the form, but turbotax still says there is missing info and I should send form 1099B. I don't understand why
The instructions on the 8453 form make it clear:
Don't attach any form or document that isn't shown on Form 8453 next to the checkboxes. If you are required to mail in any documentation not listed on Form 8453 you can't file the tax return electronically.
Form 8453 does not list 1099-B forms, so I can't e-file???
Can someone clear this up for me?
In most cases, if you required to mail form 8453 to the IRS, you still can file your return electronically, and print and mail the form to the IRS after you e-filed.
your details can be on form 8949, or something else that has the same information.
if you are attaching something else, mark the 8949 checkbox.
You must mail within three business days after your e-Filed return is ACCEPTED.
+1 to warning users about physically mailing additional forms.
8453 is a form to send any required paper forms or supporting documentation. If you are required to send documentation, Turbo Tax will automatically include this form in your return to print and mail along with any other documentation you need that the form requires. If Turbo Tax hasn't provided it, then the form wasn't required.
What do you need the form for? Also go to tax tools>tools>delete a form. See if it is listed in your list of forms. if using the software, go to the forms mode to check if the form is listed.
If I get the message to send in form 8453 with Form 8949, do I send all pages (58 pages) of my 1099-B? Or, can I send just the summary page (page 49 in my case) showing sales proceeds and net gains/losses for both covered short term, noncovered short term, covered long term, and other transactions?
@brwells13 Send a copy of the entire 1099-B showing the detailed transactions within 3 days of acceptance.
I am confused. Many of the answers as to why Form 8453 requesting Form 8949 relate to:
1. Individuals who did not enter their detailed transactions on Form 8949 and used the Schedule D "summary option." OK so the IRS wants to see Form 8949 or "a statement with the same information" which like some of the answers say is a copy of your 1099-B. The 1099-B would seem to be "a statement with the same information."
But of course the IRS has already been sent the 1099-B by your broker. Which raises the question as to why you need to send another copy, on paper no less?
But since you could have filed a fully acceptable paper return using the summary option, why does e-filing not allow this?
I did not use the summary option but TT still printed the 8453 instructing me to send the 8949. But since I completed 8949 is it possible that TT did not include the 8949 when e-filing?
Why would I need to send a paper copy of something the IRS already has both on my 8949 and from my broker on 1099-B?
Thanks for clarification.
It depends. I would go ahead and send a copy of the 8453 along with the 8949 with the complete mailing instructions for compliance reasons. Before you do, go through your transactions to see if you indicated you will enter summary transactions rather than one by one. Also, please review this Turbo Tax link to see if you did not report each transaction on a separate row.
OK, I will send the paper forms as you suggest.
But it is still a mystery to me. I did recheck, as you suggested, that I did not (for some accidental reason) select the option to aggregate some or all transactions. Each TT 1099-B worksheet does allow such an option - aggregate some and report some transaction by transaction.
All my transactions are exactly as reported by the brokerage firm - no aggregations anywhere accidental or on purpose. It's purely transaction by transaction.
Is the 8453 generated by TT? It must be because it's done before the return is e-filed and before the return is accepted by the IRS.
If this is correct, I will guess that TT did so because it got confused over the entry of "various" for "date acquired" which is a 100% valid entry and exactly as the brokerage firm reported it on its 1099-B, though each individual sale is listed line by line. Each with its individual "date sold (never various), proceeds, and cost" even if there were 2 sales of the same stock on the same day (which were not aggregated either).
So my best guess - which is very possibly wrong - is that this is a TT error. This year TT seems to be having problems with the 100% valid and correct entry of "various."
Then I am also guessing that TT did include the 8949 in my e-file package? It just thought "date acquired of various" meant sales transaction aggregation (even though that option wasn't selected)?
Thanks.
Yes, the 8453 is automatically generated by Turbo Tax and is sent after the return has been efiled. In answer to your question about the 8949, if this is a form in your return, then it did get efiled with the remainder of the return. I cannot comment specifically why it is being asked unless I looked at your return. You may wish to Contact Us for phone support for further information to troubleshoot this specific area.