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Entering stock transactions for Form 8949 or Schedule D in ProConnect Tax

by ProConnect Tax Online Updated 4 months ago

In most cases cryptocurrency or virtual currency is reported on the tax return in the same manner as property such as stock or other capital gains or losses. See Frequently Asked Questions on Virtual Currency and Digital Assets Transactions for the IRS guidelines. If you are reporting Digital Assets transactions in the 1040 return, be sure to mark the Yes box on the "At any time during 2023, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?" question.

Follow these steps to enter transactions on Form 8949 or Schedule D:

  1. Go to the Input Return Income Dispositions (Schedule D, 4797, etc.).
  2. Select Schedule D/4797/etc.
  3. Enter any applicable information in the Quick Entry grid:
    • Date acquired
    • Date sold
    • Sales price 
    • Cost or basis
    • Basis Rptd: Blank=to IRS, 1=Not to IRS, 2=Not on 1099-B
  4. Click the blue Details button to view more input fields and enter any additional information for the transaction.
  5. If more transactions are needed, click Back to Quick entry in the top right of the screen and repeat steps 4 and 5. 

Follow these steps to show all transactions on Form 8949:

  1. Go to the Input Return Income Dispositions (Schedule D, 4797, etc.).
  2. Select Schedule D/4797/etc.
  3. At the top right corner of the screen, click the blue Carryovers/Misc Info link.
  4. Enter a 1 in the Print all assets on Form 8949: 1=yes, 2=no [Override] field.

Additional information on Form 8949

The software won't automatically generate the 8949 for certain transactions that are allowed to be reported directly on the Schedule D, per the IRS Instructions for Form 8949:

"Exception 1. Form 8949 isn't required for certain transactions. You may be able to aggregate those transactions and report them directly on either line 1a (for short-term transactions) or line 8a (for long-term transactions) of Schedule D. This option applies only to transactions (other than sales of collectibles) for which:

  • You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g,
  • The Ordinary box in box 2 isn’t checked, and
  • You don't need to make any adjustments to the basis or type of gain or (loss) reported on Form 1099-B (or substitute statement), or to your gain or (loss).

If you choose to report these transactions directly on Schedule D, you don't need to include them on Form 8949 and don't need to attach a statement. For more information, see the Schedule D instructions."

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