Generating Form 8949 for Tax Preparation

Generating Form 8949 for tax preparation

• Final Form 8949 reporting requires that wash sales be adjusted across all accounts. If you have multiple brokerage accounts, these must be kept in one data file. If you have multiple accounts, click on the All Accounts tab to view all trade records. Always run tax reporting from the All Accounts tab!
   
  
   
• Click ALL Trades to display all trade records.
   
  
   
• From the Reports menu, click the Form 8949 button
   
  
   
• The Form 8949 report option menu will display:
   
  
   
  Note the following key parts (numbered in the image above):
   
  1. If you need a PDF version of your Form 8949 for direct e-filing with the IRS, check the box Create Form8949.pdf attachment for e-filing. When you run the report TradeLog will generate this PDF - which does not include the Schedule D summary page. Click here for more details about this feature.
   
  2. If you would like to Include Statement Explaining Differences and Adjustments Between Form 8949 and 1099-B, check the box. Click here to learn more.
   
  Note: the check box There Are Other Errors On My 1099-B can be selected in certain situations. Click here to learn more about this check box.
   
  3. Click Run Rpt to generate the 8949 report.
   
• Now that the report has been generated there will be five options available to you.
   
  - Print the report - Allows you to print the report to be manually attached to the Schedule D and mailed to the IRS or given to your accountant.
   
  - Copy the report - Allows you to copy the data on the report and paste it into other popular software (ex. Microsoft Word, Microsoft Excel, Notepad, etc.).
   
  - PDF - Generates a PDF of the report that may be used to e-mail to your accountant, or saved for your personal records. 
   
  - TurboTax® - Generates a txf file which can be used to file with TurboTax®, TaxCut, etc.
   
  - TaxAct® -  Generates a CSV file specifically for TaxACT®.