Form 8949 - When is it needed?

Forum|Forum|2 years ago
February 12, 2024
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In past years I have entered my 1099-B Summary #'s into TT's "1099-B Worksheet" which then created a Schedule D. TT did not create a 8949. This is consistent with IRS Pub 550, p. 64, which states that if you only have Box A and Box D #'s, you do not need an 8949 and but can enter your summary #'s directly into Schedule D.

This year, TT did something strange As in past years, it didn't create a 8949, but it DID create a Form 8453. (This form is used by people who e-file but still have to mail some type of paper attachment.) In my case it said I needed to submit a paper 8949 because I had elected NOT to include an 8949 in my return!

So, what's going on? If TT concluded (correctly as I see it) that I didn't need an 8949, why is it asking me to mail one? Makes no sense.

Looking forward to an answer from one of your experts.

Best answer by fanfare

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.

If tou have no adjustments in that category, and

you did not summarize other Box categories,

You can ignore that Form 8453

@MartyDC

fanfareAnswer

Employee

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.

If tou have no adjustments in that category, and

you did not summarize other Box categories,

You can ignore that Form 8453

@MartyDC

magellan0

Hi, I have a same question, but I have adjustnents on SCH D col (g). also the same adjustment on form 8949 col (g). So it is what do I need mail...Is is the broker's 1099B form...? I'm using the Summary (1099-MISC)becuase it's too much work to enter each stock transaction....??

Thank in Advance

DawnC

Employee

Yes, since you summarized your transactions AND you have:

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)

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. Do I need to mail in Form 8949?

@magellan0

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