Cat. No. 37768Z Form 8949 2014 Attachment Sequence No. 12A Page 2 Long-Term. Transactions involving capital assets you held more than 1 year are long term. For short-term to the IRS and for which no adjustments or codes are required. Enter the total directly on Schedule D line 8a you are not required to report these transactions on Form 8949 see instructions. A substitute statement will have the same information as Form 1099-B. Either may show your basis usually your cost even if your broker did...not report it to the IRS. Brokers must report basis to the IRS for most stock you bought in 2011 or later and for certain debt instruments you bought in 2014 or later. Part I Short-Term. Transactions involving capital assets you held 1 year or less are short term. For long-term transactions see page 2. Note. You may aggregate all short-term transactions reported on Form s 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required. Enter the total directly on...Schedule D line 1a you are not required to report these transactions on Form 8949 see instructions. 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 1b 2 3 8b 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 Before you check Box A B or C below see whether you received any Form s 1099-B or substitute statement s from your broker. A substitute statement will have the same information as Form 1099-B. Either may show your basis usually your cost even if your broker did not report it to the IRS. Brokers must report basis to the IRS for most stock you bought in 2011 or later and for certain debt instruments you bought in 2014 or later. 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 1b 2 3 8b 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 Before you check Box A B or C below see whether you received any Form s 1099-B or substitute statement s from your broker. A substitute...statement will have the same information as Form 1099-B. Either may show your basis usually your cost even if your broker did not report it to the IRS* Brokers must report basis to the IRS for most stock you bought in 2011 or later and for certain debt instruments you bought in 2014 or later. Part I Short-Term* Transactions involving capital assets you held 1 year or less are short term* For long-term transactions see page 2. Note. You may aggregate all short-term transactions reported on Form s...1099-B showing basis was reported to the IRS and for which no adjustments or codes are required* Enter the total directly on Schedule D line 1a you are not required to report these transactions on Form 8949 see instructions.
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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 can be necessary if you made mistakes while filling out the form. To edit, obtain a new copy of the IRS 8949 and fill in the corrected details. Ensure that all entries are accurate and reflective of your financial records.
How to fill out IRS 8949
To fill out IRS 8949 accurately, gather all necessary information regarding your capital gains and losses, including transaction dates, amounts, and whether the transactions were short-term or long-term. Use the following steps as a guide:
01
Download a blank copy of IRS 8949 from the IRS website or obtain it from pdfFiller.
02
Identify each transaction and label it as short-term or long-term.
03
Enter the date of acquisition and the date of sale for each asset.
04
Input the proceeds, cost basis, and any adjustments if applicable.
05
Calculate the gain or loss for each transaction and transfer totals onto your main tax return.
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 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, titled "Sales and Other Dispositions of Capital Assets," is used to report capital gains and losses from the sale of assets. Filers use this form to provide a detailed account of each transaction and report resultant gains or losses on their tax returns.
What is the purpose of this form?
The purpose of IRS 8949 is to help taxpayers report capital transactions accurately. This ensures that the IRS has complete visibility into the taxpayer's capital gains and losses during the tax year, assisting in determining personal tax liabilities.
Who needs the form?
Taxpayers who have sold or exchanged capital assets, such as stocks, bonds, or real estate, need to complete IRS 8949. This includes individuals who can report short- or long-term transactions to the IRS as part of their annual tax return.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 8949 if you have no capital gains or losses to report, or if your transactions fall under certain exceptions, such as transactions reported on a broker's Form 1099-B that does not require additional reporting.
Components of the form
IRS 8949 includes several key sections that require detailed reporting. Each transaction is recorded with specific information including, but not limited to, transaction dates, gross proceeds, cost basis, and any pertinent adjustments.
Due date
The due date for filing IRS 8949 coincides with the federal income tax return deadline, typically April 15 of each year. If you require additional time, you may file for an extension; however, any tax owed must still be paid by the original due date to avoid penalties.
What are the penalties for not issuing the form?
Failing to file IRS 8949 or providing incorrect information may result in penalties, including fines and interest on taxes owed. The IRS may also charge additional penalties for underreporting income compared to the information contained in your tax return.
What information do you need when you file the form?
When filing IRS 8949, you will need complete records of each transaction, including dates of acquisition and sale, amounts realized from sales, the original cost of the asset, and adjustments to gain or loss. Accurate bookkeeping is essential for compliance.
Is the form accompanied by other forms?
IRS 8949 is commonly submitted alongside Schedule D, which summarizes your overall capital gains and losses. Depending on your situation, you may also need to attach other supporting forms or documents.
Where do I send the form?
The submission location for IRS 8949 will depend on how you are filing your tax return. If filing by mail, refer to the appropriate address for your state as listed on the IRS website. Electronic filers will include this form with their online submissions.
FAQ about IRS 8949
What should I do if I realize I've made a mistake on my IRS 8949 after filing?
If you need to correct a mistake on your IRS 8949, you should file an amended return using Form 1040-X. Ensure that you include the correct information and your updated IRS 8949. It's important to clearly indicate the changes made to avoid delays in processing.
How can I track the status of my IRS 8949 submission?
To verify the receipt and processing of your IRS 8949, you can use the IRS 'Where's My Refund?' tool if you filed electronically. Be alert for common e-file rejection codes, which can indicate issues that may need addressing before resubmission.
Are there specific privacy or data security concerns I should be aware of when filing the IRS 8949 electronically?
When filing your IRS 8949 electronically, ensure that your records are stored securely and that you use trusted software. Be mindful of e-signature requirements and know that there are guidelines for how long you should retain your records for audit purposes.
What are some common errors I should watch for when preparing my IRS 8949?
Common errors on the IRS 8949 include incorrect reporting of gains or losses, misclassification of assets, and failure to follow required transaction formats. To avoid these pitfalls, double-check your entries and consider using software that can guide you in accurately populating the form.
What options do I have if my IRS 8949 gets rejected after e-filing?
If your IRS 8949 is rejected after e-filing, you should receive a notice with the reason for rejection. You typically can rectify the issue directly through your software and re-submit. Be sure to confirm any changes to avoid repeated errors on future submissions.
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