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Multiple transactions imported into form 8949 is not tallying up to Schedule D Part 1

Forum|Forum|4 years ago
March 12, 2022
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I have multiple transactions on Form 8949 and would like to summarize them, instead of having every single transaction on the form. Due to multiple lines, the 4 pages of Form 8948 do not sum up to what is declared on Schedule D Part 1. How do I just list down the summarized lines on Form 8949? There are no adjustments required for these transactions. They are all in Box A of my 1099B.

Best answer by RaifH

If no adjustments are being made to the basis reported to the IRS, Form 8949 is not required and you do not have to attach a statement like a 1099-B reconciling the differences.

Your sales totals will be reported directly on Schedule D as short-term transactions subject to your ordinary income tax rate.

fanfare

Employee

When you have no adjustments, the totals on Line 2 from all your Box A 8949s has to add to the total on Schedule D Line 1a.

Then you can e-File with whatever TurboTax does (which is not according to the expected reporting rules).

No mailing is needed in this scenario.

G

GNE

@fanfare Thanks fanfare.

I wonder if you might have meant "the totals on Line 2 from all your Box A 8949s has to add to the total on Schedule D Line 1b (not 1a) ?

The reason is I followed your suggestions and tallied line 2 from 8 pages of Box A 8949s. The total matches Schedule D line 1b not line 1a. (line 1a turns out to be the total of what TT decided NOT to print on the 8949).

Thanks!

fanfare

Employee

@GNE

From what you describe that is correct,

and you got a valid result.

What you describe makes more sense than what other posters have reported previously.

Maybe they were confused or I misread it.

R

RaifH

If you would like to report the totals from the summary section, you may in TurboTax:

In the Federal > Wages & Income > Investment Income section of your return, click Start/Revisit next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Answer Yes and then select stocks. Select Continue and then I'll type it myself
Enter your brokerage information
After entering the requested information in Tell us about the sales on your 1099-B, you get to a screen that says Now, choose how to enter your sales. Select Sales section totals.
For Schedule D, Line 1a transactions, select Short-term basis reported to IRS (covered) and enter the totals
TurboTax will request that you attach a pdf copy of your 1099-B with your return so that there is a record of the individual transactions

J

jlin22Author

Since everything was reported to IRS, the software says I don't have to submit anything extra and will not require the Form 8949. Do I need to force-fill the Form 8949 or how do I ensure that my relevant 1099B are included in the returns?

R

RaifHAnswer

If no adjustments are being made to the basis reported to the IRS, Form 8949 is not required and you do not have to attach a statement like a 1099-B reconciling the differences.

Your sales totals will be reported directly on Schedule D as short-term transactions subject to your ordinary income tax rate.