Cat. No. 37768Z Form 8949 2012 Attachment Sequence No. 12A Page 2 Long-Term. Transactions involving capital assets you held more than one year are long term. For short-term a separate Form 8949 page 2 for each applicable box. Form Department of the Treasury Internal Revenue Service Sales and Other Dispositions of Capital Assets Information about Form 8949 and its separate instructions is at www*irs*gov/form8949. File with your Schedule D to list your transactions for lines 1 2 3 8 9 and 10 of...Schedule D. OMB No* 1545-0074 Attachment Sequence No* 12A Social security number or taxpayer identification number Name s shown on return Most brokers issue their own substitute statement instead of using Form 1099-B. They also may provide basis information usually your cost to you on the statement even if it is not reported to the IRS* Before you check Box A B or C below determine whether you received any statement s and if so the transactions for which basis was reported to the IRS* Brokers...are required to report basis to the IRS for most stock you bought in 2011 or later. Part I Short-Term* Transactions involving capital assets you held one year or less are short term* For long-term transactions see page 2. You must check Box A B or C below. Check only one box. If more than one box applies for your short-term transactions complete a separate Form 8949 page 1 for each applicable box. If you have more short-term transactions than will fit on this page for one or more of the boxes...complete as many forms with the same box checked as you need* A Short-term transactions reported on Form s 1099-B showing basis was reported to the IRS a Description of property Example 100 sh. XYZ Co. b Date acquired Mo. day yr. c Date sold or disposed d Proceeds sales price see instructions Adjustment if any to gain or loss. If you enter an amount in column g e h enter a code in column f. Cost or other basis. Gain or loss. See the separate instructions. See the Note below Subtract column e and...see Column e from column d and f g in the separate combine the result Code s from with column g Amount of adjustment 2 Totals. Add the amounts in columns d e g and h subtract negative amounts. Enter each total here and include on your Schedule D line 1 if Box A above is checked line 2 if Box B above is checked or line 3 if Box C above is checked. Note. If you checked Box A above but the basis reported to the IRS was incorrect enter in column e the basis as reported to the IRS and enter an...adjustment in column g to correct the basis. See Column g in the separate instructions for how to figure the amount of the adjustment. For Paperwork Reduction Act Notice see your tax return instructions. If you have more long-term transactions than will fit on this page for one or more of the boxes complete as many forms with the same box checked as you need* A Long-term transactions reported on Form s 1099-B showing basis was reported to the IRS. Form Department of the Treasury Internal Revenue...Service Sales and Other Dispositions of Capital Assets Information about Form 8949 and its separate instructions is at www*irs*gov/form8949. File with your Schedule D to list your transactions for lines 1 2 3 8 9 and 10 of Schedule D. OMB No* 1545-0074 Attachment Sequence No* 12A Social security number or taxpayer identification number Name s shown on return Most brokers issue their own substitute statement instead of using Form 1099-B.
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Instructions and Help about IRS 8949
How to edit IRS 8949
How to fill out IRS 8949
Instructions and Help about IRS 8949
How to edit IRS 8949
Editing IRS 8949 is essential for ensuring accuracy before submission. You can make necessary corrections directly on the form using pdfFiller's editing tools. This allows you to adjust numbers, add additional information, or correct errors to prevent delays or penalties from the IRS.
How to fill out IRS 8949
Filling out IRS 8949 requires attention to detail and adherence to guidelines. First, gather all supporting documents such as brokerage statements which detail your capital gains and losses. Follow these steps for completion:
01
Enter your name, Social Security number, and tax year at the top of the form.
02
List all trades or transactions in the appropriate sections based upon whether they were short-term or long-term.
03
Calculate and enter the total gain or loss for each transaction.
04
Complete the summary section by totaling short-term and long-term gains and losses and transferring these totals to Schedule D of your Form 1040.
Review the completed form carefully for accuracy before filing with the IRS.
About IRS 8 previous version
What is IRS 8949?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What payments and purchases are reported?
How many copies of the form should I complete?
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 8 previous version
What is IRS 8949?
IRS 8949 is a tax form used to report sales and other dispositions of capital assets. This form is integral for taxpayers who have sold stocks, bonds, or other investments. The information reported on IRS 8949 is crucial for calculating capital gains and losses, which affect your overall tax liability.
What is the purpose of this form?
The primary purpose of IRS 8949 is to document and report capital gains and losses from the sale or exchange of capital assets. It serves as a crucial intermediary for taxpayers who then report their net capital gain or loss on Schedule D of Form 1040.
Who needs the form?
Taxpayers who have sold or exchanged capital assets during the tax year must fill out IRS 8949. This includes individuals who trade stocks, sell real estate, or dispose of any property that may generate a capital gain or loss.
When am I exempt from filling out this form?
You are exempt from filing IRS 8949 if you do not have any capital gains or losses to report. Additionally, situations like certain mutual fund distributions and some employee stock options may also exempt you from this form.
Components of the form
IRS 8949 consists of two main parts: Part I for short-term transactions and Part II for long-term transactions. Each part includes columns to enter the details of each transaction, such as the description of the property, date acquired, date sold, sales price, cost basis, and gain or loss.
Due date
The due date for submitting IRS 8949 is typically the same as your annual tax return deadline, which is usually April 15. However, if you file for an extension, the due date may change accordingly. Always ensure that you check the current year's tax deadlines to avoid penalties.
What payments and purchases are reported?
IRS 8949 must report all capital asset transactions, including those involving stocks, bonds, real estate transactions, and collectibles. Any gain or loss realized from these transactions must be documented accurately to ensure compliance with IRS regulations.
How many copies of the form should I complete?
Generally, you only need to submit one copy of IRS 8949 when filing your taxes. However, if you are filing a paper return and need to keep records, you may wish to create additional copies for personal use. Always ensure that you keep a copy for your records.
What are the penalties for not issuing the form?
Failing to file IRS 8949 when required may result in penalties from the IRS, including fines based on the amount of tax owed. Additionally, not accurately reporting your capital gains or losses could lead to an audit or increased scrutiny from the IRS.
What information do you need when you file the form?
When filing IRS 8949, you will need information such as the dates of acquisition and sale, the sales price, the cost basis for each asset, and the type of assets sold. Having accurate brokerage statements and records of all transactions will assist in completing this form accurately.
Is the form accompanied by other forms?
IRS 8949 is typically accompanied by Schedule D (Capital Gains and Losses) when you file your federal tax return. Schedule D summarizes the totals from your transactions reported on IRS 8949, allowing for accurate tax calculations and reporting.
Where do I send the form?
The submission of IRS 8949 depends on whether you are filing electronically or by mail. For electronic filers, the form is submitted through your chosen tax software. For paper filers, send IRS 8949 along with your Form 1040 to the appropriate address listed in the IRS instructions for your state.
FAQ about IRS 8949
What should I do if I realize I made a mistake after filing the 2012 8949 form?
If you've filed the 2012 8949 form and discover an error, you can submit an amended return using a corrected form. Ensure you indicate the changes clearly and include an explanation of the adjustments made. Retaining copies of all submitted documentation is advisable for future reference.
How can I check the status of my submitted 2012 8949 form?
To verify the status of your submitted 2012 8949 form, you can use the IRS online tools that track e-filed submissions. If filing via paper, it's recommended to allow adequate processing time before inquiring, as paper submissions generally take longer to process.
Are e-signatures acceptable for submitting the 2012 8949 form?
Yes, e-signatures are generally acceptable for the 2012 8949 form when filed electronically. However, you should ensure the e-filing software you use complies with IRS requirements for electronic signatures to avoid any issues.
What common errors should I look out for when submitting the 2012 8949 form?
Common errors when submitting the 2012 8949 form include miscalculating gain or loss, incorrect categorization of transactions, and inconsistent information with other tax forms. Thoroughly reviewing all amounts and ensuring they match your records can help mitigate these mistakes.
What is the procedure if I receive an audit notice relating to my 2012 8949 form?
If you receive an audit notice regarding your 2012 8949 form, you should review your records and gather all relevant documentation related to your reported transactions. Responding promptly and accurately to the notice, along with providing any requested information, is crucial for resolving the audit efficiently.
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