the problem is (at least in my forms provided by IB) that the numbers on 8949 and 1099-B didn't match at all. even after i pointed out on several obvious PnL calculations errors and IB fixed them. IB did update 8949 month+ after form was released..but numbers still didn't match. it will be very messy return and i have nothing to do with it(but will be responsible). went to CPA to double check everything. spend 2 hours with the guy. he come up with almost 1K refund! awesome! i compared numbers in his return and my own at home-only to find out that he miscalculated PnL by no less but -100K . boy oh boy..and i'm paying my own money for it?(forget the time spend). i've seen probably 10 different CPA in last 15 years and they all messed up and made many serious mistakes in my tax returns. this is why i'm saying it once again-know your taxes folks. cause you have to.
Many years ago, the perfect storm for me, lost job (high tech) systems sales, child on the way, plus multiple K-1 (ltd partnerships). I paid a CPA a lot of money and left as dumb as I walked in and lighter by $500. Since needed to find work, anything, ended up with classes for H&R block, and worked for them thru out tax season. Ended up doing Earned Income Credit type neighborhoods to K-1's partnerships. Bottom line best courses and experience ever had. Those were the days before Turbo Tax, enjoyed taxes ever since and saved thousands of dollars.
This may help: Online Generation of 2012 IRS Form 8949 for just $10.00 http://form8949.com/index.html
+1. seriously, if you're single w/ no kids and rent (not own a house) and don't own any brazilian rainforest or anything crazy and ONLY traded 1256 cars, i bet you could file your taxes while holding your breath.
SMILE This may help: Online Generation of 2012 IRS Form 8949 for just $10.00 http://form8949.com/index.html Thank you, after speaking to TurboTax and India for one hour, getting absolutely nowhere, and off course talking to IB and no one had a clue about their TXT files problems with TT, used your recommendations and now up to speed and will send out my taxes today. Easy conversion from CSV to TXT and voila.
I use IB and I note that after importing trades and information from 8949 I still need to mail in a copy of 8949 to the IRS after filing with TurboTax. Does anyone know if I use Tradelog to import from IB and then Tradelog to TurboTax, if I still have to mail in a copy of 8949? Thanks.
No such thing as a form 1256, you traded "section1256" contracts, which get filed on IRS form 6781. My question is, does one need to file IRS form 8949, as well, or does IRS 6781 and Schedule D do the job. Turbotax makes a mish mash of this.