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Individual Form 8949 Exception 2 to Reporting Each Transaction on a Separate Line

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Individual Form 8949 Exception 2 to Reporting Each Transaction on a Separate Line

How do I report multiple disposition items without entering each one separately in the Individual module?

Solution Description

For more information on Exception 2, see the 8949 instructions below.

Part 1: To enter the Exception 2 to reporting each transaction on a separate row in the Individual module:

  1. Go to Screen 17, Dispositions.
  2. Enter the Name of the Broker in, Description of Property.
  3. Enter negative dates in:
    • Date Acquired
    • Date Sold
      (Negative dates = Various i.e.: -D/M/YYYY)
  4. Check the box, Summary from attached statement.

    Note- By checking this box, Lacerte will:

    • Generate "See Attached Statement" after the Broker's name. (In TY12 Lacerte will generate "See Stmnt" in the Date acquired (column b) and Date Sold (column c).)
    • Generate Form 8453 (if the return is set for e-file). If you are e-filing the return and would prefer to attach the statements as PDF rather than paper filing with Form 8453, leave the box "Summary from attached statement" checked and see the attach PDF instructions (below).
  5. Enter the combined totals in:
    • Cost or basis
    • Sale Price

Once all information has been entered, you should review Form 8949 to ensure the data is accurate.

Part 2: To attach the 8949 statements or Statements that contain all the same information as Form 8949 as PDF (and suppress form 8453):

  1. Go to Screen 4.4, e-file Miscellaneous.
  2. Click on PDF Attachment.
  3. Click on Attach PDF.
  4. Click on Browse Files.
  5. Locate the file on your computer.
  6. Click Open.
  7. Click OK.
  8. Click on the Link to form (defaults to main form) drop down menu.
  9. Click on the + next to Form 8949.
  10. Select Form 8949 Exception Reporting Statement.

Once you have attached the PDF documents and linked to Form 8949 Exception Reporting Statement Lacerte will suppress form 8453 from generating.

Per the TY14 Form 8949 Instructions,

"Exception 2. Instead of reporting each of your transactions on a separate row of Part I or Part II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (i.e., description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked... ...Enter the name of the broker followed by the words "see attached statement" in column (a). Leave columns (b) and (c) blank. Enter "M" in column (f). If other codes also apply, enter all of them in column (f). Enter the totals that apply in columns (d), (e), (g), and (h). If you have statements from more than one broker, report the totals from each broker on a separate row.

Do not enter "Available upon request" and summary totals in lieu of reporting the details of each transaction on Part I or II or attached statements."

"E-file. If you e-file your return but choose not to report each transaction on a separate row on the electronic return, you must either (a) include Form 8949 as a PDF attachment to your return or (b) attach Form 8949 to Form 8453 (or the appropriate form in the Form 8453 series) and mail the forms to the IRS. You can attach one or more statements containing all the same information as Form 8949, instead of attaching Form 8949, if the statements are in a format similar to Form 8949."

Note: In TY2013 this was Exception 1.

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