Hi! i just come back from my accountant(who use to be a trader btw) and he told me that because of all those recent changes-we don't have to mail physical copies of all our transactions anymore. cause IRS now have exact same copy of out 1099 with all those trade in it. my question is(just double checking)-should i just mail my return and that was it? or i have to do the usual- grab a pack of paper,couple cartridges and start printing all that crap from IB website? 'm i bit lost here,cause i usually prepared a copy by myself,using common apps like taxcut and when you print the return-there is a list of documents you have to provide with the return. this time -i choose to skip this step and i'm sort of clueless right now about what should i mail to IRS(i mean-i have all the paperwork,it's just a matter what exactly should i mail? cause like i said above-they should have all the s** already from my broker. so-my numbers in 1040+ Sch D and the numbers they got-have to match,no need for an extra paperwork,right?) Thank you!
The Form 8949 is now required, and I would think you might be inviting trouble if you don't submit it. If your broker is IB, most of the work is done for you, as the worksheet they supply is suitable for filing. If the form is a lot of pages, I upload it to Kinko's for 2-sided printing. If it's too many pages for 2-sided, I have it printed 2-up, 2-sided. Two-up would be nearly unreadable, but that's not my problem. The IRS isn't likely to actually read it anyway.
Mail the form (all pages) anyway, make those scumbags deal with it, even if it just goes to the recycle bin, or trash, make them deal with it physically.
You are not required to fill out and send to IRS 8949 for covered transactions when box 6b is checked by broker on 1099-B except for wash sales or when broker has an error in the reported cost basis. For this year I do not have to fill out any forms 8949 or report any individual transactions on schedule D as my brokers got it all right. It is almost as easy as the futures reporting. I show the total aggregate numbers in schedule D lines 1a and 6a columns d, e, and h. As for capital gains distributions and dividends reporting, I will be waiting till about April 7th to complete my taxes to include those last minute amended 1099-DIV reporting.