ProConnect HelpIntuit HelpIntuit

Entering stock transactions for Form 8949 or Schedule D

SOLVEDby IntuitProConnect Tax43Updated July 13, 2022

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 Transactions for the IRS guidelines. If you are reporting virtual currency transactions in the 1040 return, be sure to mark the Yes box on the "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency" question.

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

  1. Go to the Input Return tab.
  2. From the left of the screen, select Income and choose Dispositions (Schedule D, 4797, etc.).
  3. Select Schedule D/4797/etc.
  4. 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
  5. Click the blue Details button to view more input fields and enter any additional information for the transaction.
  6. 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 tab.
  2. From the left of the screen, select Income and choose Dispositions (Schedule D, 4797, etc.).
  3. Select Schedule D/4797/etc.
  4. At the top right corner of the screen, click the blue Carryovers/Misc Info link.
  5. Enter a 1 in the Print all assets on Form 8949: 1=yes, 2=no [Override] field.

Additional information on Form 8949

ProConnect Tax 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."

Related topics

Was this helpful?

You must sign in to vote, reply, or post
ProConnect Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.