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Generating Form 8949 Column F for Various Codes

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Intuit

Generating Form 8949 Column F for Various Codes

This article will help you generate Form 8949, column F for various codes. Form 8949, column F reports a code explaining any adjustments to gain or loss in column G. Follow the instructions for the code you need to generate below.

Before you start:

  • Review the Form 8949 Instructions for a complete list of the adjustment codes and when to use each.
  • Unless otherwise noted, all entries can be found on the Dispositions screen.

To generate Code B, basis reported was incorrect:

  1. Go to the Dispositions screen
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter the adjustment to basis in, Adjustment to basis if reported incorrectly on Form 1099-B, box 1e.
  1. Go to the Dispositions screen
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Check the box, Form 1099-B, box 2 type of gain or loss reported incorrectly.
  1. Go to the Dispositions screen
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Check the box Received 1099-B or 1099-S as a nominee.

To generate Code H, sold main home at a gain (individual returns only):

  1. Go to Screen 17, Dispositions.
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Sale of Home section.
  4. Check the box, Sale of Home.
  5. Check the box, 2 year use text met (full exclusion) (if applicable).

Note: If the Sale of Home Exclusion is met, Lacerte will not automatically generate the Sale of Home on the Schedule D or the Form 8949 as it is not required. To force the reporting of the sale, enter a 2 in Report on Schedule D: 1= when applicable, 2= force.

  1. Go to the Dispositions screen.
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter the amount from form 1099-B, box 1f in Accrued market discount adjustment.

To generate Code Q (Individual & Fiduciary only):

  1. Go to the Dispositions screen
    • Screen 17 (Individual)
    • Screen 22 (Fiduciary)
       
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter a '1' in, 1= qualified small business stock 2= business is located in empowerment zone

NOTE: If you have a code Q generating and there are no entries for stock dispositions indicated as qualified small business stock, then you may have an amount entered in Screen 12,Dividend Income. Verify this by:

  1. Go to the Dividend screen
    1. Screen 12 (Individual)
    2. Screen 16 (Fiduciary)
       
  2. Locate the field labeled Section 1202 gain (2c).
  3. Verify there is an amount listed for each dividend income item as applicable
  • Leave the amount in the field for each dividend income item (as applicable) if it is accurate
  • Remove the amount in the field for each dividend income item (as applicable) if it is inaccurate 
  1. Go to the Dispositions screen
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter an amount or a '-1' (to exclude all) in, District of Columbia Enterprise Zone or qualified community assets amount excluded.
  1. Go to the Dispositions screen
    • Screen 17 (Individual)
    • Screen 19 (Partnership)
    • Screen 23 (S Corporate)
    • Screen 22 (Fiduciary)
       
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Locate the QSB Stock subsection.
  5. Enter a '1' in 1= qualified small business stock, 2= business located in empowerment zone.
  6. Enter an amount or a '1' in, Section 1045 rollover (1= postpone entire gain or enter amount).
  1. Go to the Dispositions screen.
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter the amount from Form 1099-B, box 1g, in Wash Sale amount disallowed.
  1. Go to the Dispositions screen.
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter an amount or a '-1' to disallow all in, Amount of loss that is nondeductible.

Note: If this disposition is not generating on Form 8949, verify that this single disposition is generating an overall loss. If not, then it will not flow to Form 8949 with code L.

To generate Code E, sale expenses not reported elsewhere:

  1. Go to the Dispositions screen.
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter an amount in, Expense of Sale or exchange.

To generate Code S (Individual only):

  1. Go to Screen 17, Dispositions
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Check the box, Section 1244 stock.
  1. Go to the Dispositions screen
    • Screen 17 (Individual)
    • Screen 19 (Partnership)
    • Screen 15 (Corporate)
    • Screen 23 (S Corporate)
    • Screen 22 (Fiduciary)
       
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Check the box, Collectible (art, stamps, coins, precious metals, etc.)(28% rate).

To generate Code M, report multiple transactions on a single row:

Follow the steps in Individual Form 8949 Exception 2 to Reporting Each Transaction on a Separate Line.
  1. Go to the Dispositions screen
    • Screen 17 (Individual)
    • Screen 19 (Partnership)
    • Screen 15 (Corporate)
    • Screen 23 (S Corporate)
    • Screen 22 (Fiduciary)
       
  2. Enter the applicable information regarding the sale:
    1. Description
    2. Date acquired
    3. Date sold
    4. Sales price
    5. Cost or basis
  3. Scroll down to the Schedule D section.
  4. Enter an amount in, Other adjustment to gain or loss (-1 for all).

To generate Code Z or Code Y, QOF deferrals:

Follow the steps in Rollover to a Qualified Opportunity Fund (QOF).

 

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