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New Member
posted Mar 22, 2019 7:36:08 AM

TurboTax prompts me to fill out form 8453 (stock sales) but I read if under $10,000,000 in volume, this isn't necessary

I have too many stock transactions for TurboTax to import and had to enter a summary. TurboTax prompts me to mail my statements with Form 8453 (I am E-Filing) - but my total sales volume was under $10,000,000. Do I need to actually mail anything to IRS?

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2 Replies
Employee Tax Expert
Mar 22, 2019 9:41:11 AM

The IRS does not require a mailed statement, if you qualify. From Schedule D instructions here:

 

Exception 1.

Form 8949 isn't required for certain transactions. You may be able to aggregate those transactions and report them directly on either line 1a (for short-term transactions) or line 8a (for long-term transactions) of Schedule D. This option applies only to transactions (other than sales of collectibles) for which:

  • You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g;

  • The Ordinary box in box 2 isn’t checked; and

  • You don't need to make any adjustments to the basis or type of gain or (loss) reported on Form 1099-B (or substitute statement), or to your gain or (loss).

 

If you choose to report these transactions directly on Schedule D, you don't need to include them on Form 8949 and don't need to attach a statement. For more information, see the Schedule D instructions.

New Member
Mar 26, 2019 11:27:53 AM

What about Form 8453? That is ultimately what TurboTax prompted me to fill out and send to IRS (it will be about 500 pages of various transactions)

 

Will I need to print every single stock trade and send these 500 papers in?