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1099B numerous transactions; can I report the totals rather than data entry?

Karnak
Level 2

I see that the 8949 does not automatically print any longer.  I have 100+ stock trades, all with basis reported to IRS

Must I date entry every single transaction?

Can't I just enter total long term, total short term, total basis, total proceeds ?  By each brokerage statement?  and leave the actual dates blank? 

Thanks for any advice; it is all so laborious

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Accepted Solutions
cglav
Level 2

I always include short term and long term totals on Schedule D and than attach the detail from the brokerage statement to Form 8453 and send mail to IRS.  Form 8453 instructions has the address.  

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10 Comments 10
TAXOH
Level 11

Yes you can enter short term covered totals, short term non covered totals, long term covered totals and long term non covered totals.  For the non covered totals you will want to scan and attached the detail to the return.

IRonMaN
Level 15

And yet how many folks are still standing out in front of Intuit headquarters with their torches and pitchforks because the import function isn't working properly 😕


Slava Ukraini!
abctax55
Level 15

Form 8949 isn't required for covered transactions.

HumanKind... Be Both
cglav
Level 2

I always include short term and long term totals on Schedule D and than attach the detail from the brokerage statement to Form 8453 and send mail to IRS.  Form 8453 instructions has the address.  

Karnak
Level 2

Thank you

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abctax55
Level 15

all with basis reported to IRS, said the OP.

@cglav I always include short term and long term totals on Schedule D and than attach the detail from the brokerage statement to Form 8453 and send mail to IRS 

Then you are wasting time, paper, postage, storage place in Houston, etc. 

IF they are covered transactions, nothing needs to be sent.  And rather than mailing WHEN there are non-covered transactions... scanning & attaching is a much better alternative for the environment (especially since the consensus is that the IRS *never* looks at the F 8453 & attachments anyway.

HumanKind... Be Both
cglav
Level 2

Too many pages for my scanner technology, after i scan i would have to convert each page to a .pdf, way too time consuming.   If not for that I would attach them to the return.  

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sjrcpa
Level 15

Why not attach as a pdf and efile?

The more I know, the more I don't know.
dd4vols
Level 10
Level 10

i just do what @sjrcpa  said.  Scan a .pdf...attach the file thru the E-file option.....when you attach, you chose the 8949 option on the dropdown....and bingo.

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
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abctax55
Level 15

scanning & attaching is a much better alternative

I suggested that... but s/he doesn't have the "technology" to do so efficiently.

HumanKind... Be Both