ihc
Level 1
‎10-26-2021 02:02 PM

Hello,

What is the best way to submit a tax return of over 500 pages due to Form 8949?

One of my client is a day trader of stocks and in 2020, he sent about 500 pages of Form 8949.

It can't be e-filed because the software can't handle large numbers.

Please share your experience if you've been through a similar case.

Thank you.

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Just-Lisa-Now-
Level 15
Level 15
‎10-26-2021 02:37 PM

so they hit the 1 billion mark?   PS can handle up to 999,999,999. 

Id summarize and attach the 1099B to the return if paper filing (you may have to use the 8949 from IRS and manually input the figures and do the math....Im not sure PS will accommodate anything in the billions).


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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ljr
Level 8
‎10-27-2021 08:05 AM

Did the client also give you the broker statements 1099-B forms? I would work from their rather than his versions of form 8949 and I would do summary totals per type (covered s/t) and use multiple 1099-B worksheets. Each one up to the 999,999,999 amount. As long as all the sales total and the basis total I would go with it. I would then make a copy of the 1099-B check off the box in proseries that it's being sent and mail it to Austin Tx.

Jim-from-Ohio
Level 11
Level 11
‎10-27-2021 11:41 AM

Does the level of activity rise to a level be being in business?  Would that qualify for schedule C treatment? 

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Just-Lisa-Now-
Level 15
Level 15
‎10-27-2021 01:31 PM
The income still goes on Sch D/8949, only the expenses would land on Sch C.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
George4Tacks
Level 15
‎10-27-2021 01:59 PM
https://www.thetaxadviser.com/issues/2010/feb/sec475mark-to-marketelection.html

Answers are easy. Questions are hard!
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ihc
Level 1
‎11-01-2021 04:07 PM

Yes, that's what I have done and planning to call the IRS if they need the entire 8949s.

Thank you

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