Before you start:
In order for ProSeries to generate the 8949 correctly, you may need to enter more than one summary depending on the type of transactions your client has. You would want to group the transactions by the 8949 Box Codes in the table:
What code do I enter in the 8949 Box field?
|8949 Box Code||Basis Reported to IRS?||Reported on Form 1099B?||Holding Period|
|X||No||Yes||Undetermined - the holding period will need to be manually entered|
How do I enter the summary in ProSeries 2020 and newer?
- Open the Schedule D.
- Scroll down to the Miscellaneous Options section.
- On line A check Yes if you are mailing the paper statement to the IRS. Check No if you will be attaching the details in a PDF attachment.
- Select the QuickZoom to the Form 1099-B Worksheet.
- In the Quick Entry Table enter one line for each group of transactions grouped by the 8949 Box code.
- In the Adjustment Code(s) field enter code M. If you need to enter multiple codes see Entering multiple codes on Form 8949, Column F for entry instructions.
- Some of the more simple stock summaries may not need an attachment sent to the IRS. To see if you need to send in an attachment see the PDF Attachment section at the bottom of the 1099-B worksheet.