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form 8949 and 1099-B worksheets.

Level 2

I have 10 pages of mutual fund reported on a 1099-B  of various mutual funds with individual transactions and then  sub-totals of each fund and then a total of all the transactions. Do I have to report all the individual transactions by listing them or doing an attachment. Do I use the 1099-B  worksheet or  enter them on form 8949 , Part II with BOX D checked? Do all the individual transaction have to be listed???

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9 Replies 9
Level 15
Level 15

Use the 1099B worksheet, I dont think you can enter directly on the 8949.

I summarize, short term covered, short tern uncovered, long term covered, long tern non covered, etc. and make sure the gross proceeds on the return match the gross proceeds on the 1099B so no mismatch CP2000 shows up in the next year or two.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

If you summarize, what do you list for the Date Sold and Date Acquired spots? With over 30 pages of short term transactions, there are many sold/acquired dates.

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Level 11

If all of the transactions are covered with no wash sale adjustments you can just enter the totals on Schedule D.

Level 2

What if you a wash sales?

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Level 15
Level 15
then you need to use the 1099B worksheet

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 2

I called intuit and used the worksheet  but am not comfortable. I made a blanket entry to include all the the wash sales as one which included  5 of 9 mutual funds which had wash and about 20 individual transactions which have different purchase dates and sales dates. The Intuit rep said to go forward with the blanket entry- no errors appear. If that method  wouldn't work it appears to me that all the transactions Do you  would need to be listed which isn't practical so then a scanned attachment would need to be sent and in the past I've had issues that it would time out and would be sent. Have any other ideas besides mailing in the return? Thanks for your help

Bo.   

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Level 2

Not sure if you can answer this or maybe someone from Intuit can respond:

We have a client with two 1099-B's from two different investment companies (all LT covered tx with no adj). Can we simply add the Proceeds and Cost Basis from the two forms and enter the Total on 'Form 1099-B Worksheet' in the Box titled 'Form 8949 Reporting Exception Transactions'? Or can that simple method only be used if there is only ONE Form 1099-B from ONE investment company?

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Level 15
Level 15
Practically speaking, the IRS just looks for the totals on the return to match what was reported to them by the payers to avoid a CP2000.
But for our use, I guess with the new 1099B worksheet, you could do a separate worksheet for each brokerage, but use the simple method for each one, just so you know if you look back later.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 2

Thank  You

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