These instructions may also be referred to as the Form 8453 method of e-filing using TaxACT®.
Users can e-file through TaxACT® and mail the Form 8949 documentation along with Form 8453 (generated by TaxACT®). This can be done with the Premier+ version of Tax Act®.
Follow the steps below to enter your TradeLog generated gain/loss totals into TaxACT® Online Premier+ version:
- 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.
- Click on the following link: Sign In to TaxACT® You will then need to either login to your existing account or sign-up for a new account.
- From the Q&A main menu, select the Federal tab, then select the Income tab. Next to Capital gains or losses, click Review.
- From the Capital Gains or Losses - Summary, next to Form 8949, click Review.
- Click on +New Copy of Form 8949 Attachment to add Form 8949.
- Check the box to Attach a statement of transactions, then click Continue.
- Next you will be prompted to enter the Name of brokerage. Enter "TradeLog" as instructed. Then click Continue.
- Now you can enter section totals. Click +New Copy of Form 8949 Attachment.
- The Schedule D - Capital Gains and Losses Instruction Sheet generated by TradeLog will contain the information you need to enter next.
- Identify the reporting category for the section you are entering. This is indicated on the Schedule D Instruction Sheet as box A, box B, box C, box D, box E, or box F. In our sample shown below we can see this is box A or Category A.In TaxACT® we will select the Form 8949 reporting category as Short-term Category A from the drop down box. Then click Continue.
- Next, identify the amounts to enter for Proceeds, Cost, and Adjustments from columns (d), (e), and (g) respectively on the Schedule D Instruction Sheet, as shown in the example below. In TaxACT®, enter these totals in the respective fields for Total sales proceeds, Total cost or other basis, and Total adjustment amount. Then click Continue.
- On the Summary, confirm the totals are correct and that the Gain/Loss matches with the Gain or (loss) reported in column (h) of the Schedule D Instruction Sheet, as shown in the two images below. Then click Continue.
- Repeat steps 8 through 12 above for each Form 8949 section you have - as indicated by the lines on the Schedule D Instruction Sheet.
When you have completed your entire return you will have three 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, TaxACT® will allow you to attach a PDF of your Form 8949 when you are ready to submit your tax return. Click here to see how to generate a PDF that can be submitted electronically to the IRS.
(3) If you chose to e-file and do not want to submit your Form 8949 PDF electronically, TaxACT® can 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.