cap. gain/TT dilemma

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- MZB
  
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posted
3 years ago

Thu, Feb 18, 2021 3:35 PM

Ok, I do a lot of stock/option trading via Ameritrade. I am now having an issue with TT Deluxe Basically, there are errors importing my 1099B. It imports fine. But the TT wksht flags many errors. They all involve negative numbers for some stock option deals (?out of range?). The proceeds are negative.I have about 1000 trades and maybe 150 of them have issues. They may involve wash sales. Anyway, I know the figures they reported to the IRS are correct to the penny (ie: ST Cost Basis, ST Proceeds, etc.). The gain/loss is correct. Can I just use the aggregate figures and put Various for the dates and stock name and still file electronically via TT? I have a list of all the security buy/sell information.

Mel

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- ira smilovitz
  
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posted
3 years ago

Thu, Feb 18, 2021 4:12 PM

No, you can't simply report the aggregate numbers. There is a procedure where you can attach a pdf copy of your 1099B information to an efile submission. There is also another method where you can send a physical copy of your 1099B information with Form 8453. I have no idea if consumer tax software can accommodate either of these methods. Instructions for how to enter the information are available in the official Form 8949 instructions.

Ira Smilovitz, EA Leonia, NJ

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- Not A Clue
  
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posted
3 years ago

Mon, Mar 1, 2021 5:45 AM

In 2019's Instructions for Form 8949, p.3: the first Tip states: "If you don't need to make any adjustments to the basis or type of gain or (loss) reported to you on Form 1099-B (or substitute statement) or to your gain or (loss) for any transactions for which basis has been reported to the IRS (normally reported on Form 8949 with box A checked), you don't have to include those transactions on Form 8949. Instead, you can report summary information for those transactions directly on Schedule D...."

So as long as those transactions are Covered Transactions and TD Ameritrade are reporting the cost basis to IRS, you don't need to enter any details for transactions in that group.