form 8453?

fusiforme · Apr 18, 2022

For the first time Turbotax has told me that though my taxes have been filed I need to print out form 8453.

This form is titled "US individual income tax transmittal for an IRS e-file return"

There is a box checked on the form that says

"Form 8949, sales and dispositions of capital assets, if you elect not to report your transactions electronically on Form 8949."

The issue is I have no idea why I need to send in this form. So far as I know all my transactions were reported electronically, as I imported everything from my brokers.

Can anyone shed some light on this? Thanks.

Overnight · Apr 18, 2022

fusiforme said:
For the first time Turbotax has told me that though my taxes have been filed I need to print out form 8453.

This form is titled "US individual income tax transmittal for an IRS e-file return"

There is a box checked on the form that says

"Form 8949, sales and dispositions of capital assets, if you elect not to report your transactions electronically on Form 8949."

The issue is I have no idea why I need to send in this form. So far as I know all my transactions were reported electronically, as I imported everything from my brokers.

Can anyone shed some light on this? Thanks.
More...

Intuit has gone to shit.

Use a different program.

https://www.ftc.gov/news-events/new...t-its-deceptive-turbotax-free-filing-campaign

ph1l · Apr 18, 2022

fusiforme said:
"Form 8949, sales and dispositions of capital assets, if you elect not to report your transactions electronically on Form 8949."

The issue is I have no idea why I need to send in this form. So far as I know all my transactions were reported electronically, as I imported everything from my brokers.

Can anyone shed some light on this? Thanks.
More...

https://ttlc.intuit.com/community/t...m-8949-one-of-my-sales-on-form-8949/00/775815

Turbo tax says I must mail Form 8453. 8453 wants me to attach Form 8949. One of my sales on Form 8949 says see attached statement.....do I need to attach a statement?
Sale included shares where the cost basis was not reported to the IRS. Do I include a copy of my 1099-B? A statement of how a determined cost basis? Just the 8949?

AnthonyC
Level 7
‎June 7, 2019 4:00 PM

Yes, the attached statement that you need to send is your Form 1099-Bs (and/or other statement detailing transactions) with Form 8453. Below is a more expansive answer on this topic.

The answer below is going to assume that you choose to use the summary transaction method of reporting your 1099B transactions instead of entering individual sales.
Short Answer: You do not need to mail Form 8949, but you do need to mail your supporting statements, such as your brokerage statements (Form 1099B) and Form 8453.
When you use this summary method of reporting (i.e. you just entered your totals and not each individual transaction), in some cases, the IRS still wants the supporting details sent to them.
Note: In limited situations, you’re allowed to summarize investment sales without providing complete details. If you are summarizing multiple investment sales that are either Box A sales or Box D sales, and there are no adjustments necessary (i.e. Code W for wash sales), then it is not necessary to mail in a statement with further details. Turbotax will tell you this when your sales meet the criteria and will not prompt you to mail any statements.
So, if you are being prompted to mail further statements, Form 8453 says to attach Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949.
When you use the summary method, TurboTax only produces a Form 8949 with the summary totals that you entered, not the individual transactions, so the Form 8949 that is included in your return is NOT sufficient for this purpose. (Though, you can include it with the mailing)
You need to use Form 8453 to mail the brokerage (or other) statements that show the details of your transactions. Statements should include the following items for each transaction (these are usually reported on your Form 1099-Bs

Description

Date acquired,

Date sold,

Sales price,

Cost basis,

Gain or loss for each sale,

Sale category based on how the sale was reported to you and the IRS, and

In some cases, there will be an adjustment code and adjustment amount.

NOTE: As discussed above, any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.
If you are e-filing your tax return, then mail your statements along with Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
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form 8453?

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