Desktop Mac Error on Form 8949

Forum|Forum|1 year ago
March 3, 2025
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I get the following error after entering my stock sales transactions: "Form 1099-B Worksheet (Fidelity Investments)--Capital Asset Sales Wksht (1): Salecat: Form 8949 Check Box has an invalid selection for . "C" or "F" are the only valid selections for a worksheet with transactions not reported to the IRS.

Issue, I am inputting via the Form exactly what is on the 1099-B. My 1099-B says Short term transactions for which basis is NOT reported to the IRS.

So from the Turbotax form I choose NOT REPORTED to IRS but get above error. Am I interpreting this wrong?

DianeW777

It depends. First, there should be no short term transactions that do not have basis reported to the IRS.

In 2008, Congress passed legislation which required brokers to report the cost basis for securities and mutual funds to both the investors and the Internal Revenue Service (IRS), effective tax year 2011.

The difference between covered and noncovered shares is who keeps track of the cost basis.

For covered shares, the financial organizations are required to report cost basis to both you and the IRS.
For noncovered shares, the cost basis reporting is sent only to you.

Holding Periods:

Long term: held more than one year (one year plus one day) - received special capital gain tax treatment
Short term: held one year or less - taxed at your ordinary rate of tax

For Column (f) the following codes used most often: IRS Form 8949 Instructions

B - Covered Shares Basis is incorrect
C - Collectibles only
D - Accrued Market Discount
E - Selling expenses or option premiums that aren't reflected on the form or statement by an adjustment to either the proceeds or basis shown.
W - Wash sales
Blank - None of the other statements in this column apply because you have no adjustments

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IS5013Author

Thank you but I'm aware of what you stated. My question is why I am getting a software error when I complete the information exactly as it is on my supplemental form.