dascpa
Level 12

@shf1957 Schedule D-8949 data has gone from forever to seconds (mostly).  

Other poster was correct, if no wash sales you can enter the grand total of Cat A and D in the top section of the  1099-B Worksheet "Form 8949 Reporting Exception Transactions", but only if there are no wash sales, basis adjustments, etc.  By doing it this way it bypasses Form 8949 and places the data directly onto Sch D.

I do not do it that way, mainly for presentation purposes.

In the Quick Entry Table below that section I will enter grand totals of Cat A and D as follows:   Property Description:  Short-Term (or Long) Covered Sales, Date Sold 12/31/22, Date Acquired Various, Sales Price the grand total, Cost of Other Basis the grand total, Disallowed Wash Sales the grand total and then mark the 8949 Box as A or D.  This way it presents itself on the proper 8949 page.

If I have multiple 1099-B's I'll add to the end info so the taxpayer can follow: Short-Term Covered Sales-RBC123, Short-Term Covered Sales-RBC567.  Again, for presentation purposes only.

For Cat B and E which typically have only a couple of entries I will list them individually since the IRS does not have cost basis they can match line by line.  But, if there are a ton of Cat B or E then I'll do a similar one line entry Short-Term Noncovered Sales and attach a pdf file to the return as a 8949 Attachment.

For Cat C or F you must enter everything.

I've posted before, I have one client who has 150,000 - 200,000 Sch D transactions.  He uses a software program to make hundreds to thousands of daily transactions (all for de minimis amounts).  I would spend a zillion years if I had to enter the transactions.  In the old days of sending in all as a .pdf attachment I had to buy a special program to shrink the attachment as the IRS only allows a 1mb file and his pdf was thousands of pages.

Bottom line, Sch D should become a few second process for you.  Now, if we could get the investment houses to calculate US Treasury and Tax-Exempt totals instead of giving us percentages for each investment life would be wonderful.