Skip to main content
March 14, 2023
Question

Form 8949 how get tothem

  • March 14, 2023
  • 2 replies
  • 0 views

I did a lot of stock trading and maybe tedious to type out each individual transections.  My brokerage is Schwab,  what is the best and easier method to get Form 8949 ?  Will importing from Schwab save all the works.

    2 replies

    fanfare
    Employee
    March 15, 2023

    Theoretically, YES.

    The trouble is, if you did a lot of trading, really a lot, the import will fail.

    TurboTax can't handle it.

    ---


    The correct solution is to use aggregation aka enter a summary.
    Regarding stock and options, for Box A and Box D, only wash sales 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
    ---
    If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

    Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.
    --
    Alternatively, if entry of Wash Sales is too tedious,
    summarize and check the box for adjustments and enter the disallowed amount.
    This summary will go on Schedule D Line 1b.
    You will be making the mail-in election.

    mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.

    March 15, 2023

    To go along with what fanfare has provided, you may review this FAQ.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"