These instructions may also be referred to as the Form 8453 method of e-filing using TurboTax®.
Users can e-file through TurboTax® and mail the Form 8949 documentation along with Form 8453 (generated by TurboTax). This method is available for 2013 tax year or later, using the Premier version of TurboTax®, which was used in the instructions below. Other higher versions of TurboTax® may support this method as well, please consult TurboTax® for guidance using those versions.
Limitations: be aware that amounts over 9,999,999.99 cannot be entered into TurboTax®.
Follow the steps below to enter your TradeLog generated gain/loss totals into TurboTax® Premier online:
- Generate and print the Form 8949 in TradeLog.
Included at the end of your Form 8949 should be a Schedule D - Capital Gains and Losses Instruction Sheet, this sheet will be used to assist you in completing the steps below.
- Sign in to TurboTax® or create a new account. Navigate directly to the page needed by clicking on FEDERAL, then Wages & Income, then click on Continue.
Under Investment Income click on the Start button for Stocks, Mutual Funds, Bonds, Other.
When asked Did You Sell Any Investments in 2017?, click the Yes button.
You will then be asked Did you get a 1099-B or a brokerage statement for these sales? Select Yes as it applies. Note: TurboTax® refers to 1099-B even though you will be entering Form 8949 totals, this is correct.
- When prompted to Choose your bank or brokerage, select the option: I'll type it in myself.
When asked to select your Bank or brokerage, choose the option My bank/brokerage isn't here from the drop down field.
Type "TradeLog" for the Name of bank or brokerage, then click Continue.
Before completing the next steps, you'll need to identify the sale categories you have for Form 8949. To do this, use the Schedule D Instruction Sheet generated with your Form 8949 by TradeLog. This page can be printed after running the Form 8949 report, but is not included when saving the report as PDF.
Notice in the example below we have highlighted the six rows which correspond to the six possible categories on Form 8949. These lines contain the information you will enter into TurboTax®. The example has only one line which we will use in the following steps for demonstration.
You will enter the totals for Proceeds, Cost, and Adjustments from columns (d), (e), and (g) of the Schedule D Instruction Sheet into TurboTax®.
Note the totals in our example shown below:
To identify the types of sales you need to report, notice that each line on the Schedule D Instruction Sheet identifies either box A, box B, box C, box D, box E, or box F.
For our example, we have sales for box A.
- In TurboTax® select I'll enter a summary for each sales category, and then you will enter the Proceeds and Cost basis in the corresponding boxes. Select the types of sales that correspond to the types listed on your Schedule D Instruction Sheet.
Notice: If there is an amount in column (g) Adjustments for this category, you will need to check the box I need to enter amounts from box 1f, box 1g, or other adjustments which will then enable you to enter the Total Adjustments to Gain or (Loss).
You will also need to enter an Adjustment Code identifying the type(s) of adjustment on your Form 8949. For most users this will simply be "W" (for wash sales). Scan your TradeLog generated Form 8949 to confirm the code(s) you need to enter.
Click Done when you have finished entering the details.
- If you have another sales category to enter, select Yes, I need to enter another sale, and repeat steps. When you are finished, select No. Let's see a summary of this 1099-B, and click Continue.
TurboTax® will now display a Summary of what was entered.The first summary page will display the Sales you've reported. Click the Done button.
One the next summary page, verify the Net Gain/Loss for each category matches with that reported on the Schedule D Instruction Sheet generated with your Form 8949 (see the second image below for this example).
When finished, click Done and follow the instructions in TurboTax® for your tax return.
Notice the gain or (loss) on the Schedule D Instruction Sheet which should match with that shown for the corresponding category in TurboTax® (see image above).
When you have completed your entire return you will have two filing options:
(1) If you chose to print and mail your return, simply attach the Form 8949 from TradeLog and mail with your return.
(2) If you chose to e-file your return, TurboTax® will generate form 8453. Attach your Form 8949 to Form 8453 and mail this to the IRS. If you are including a Statement Explaining Form 8949 Differences and Adjustments, you may choose to attach that to your Form 8949 as well.