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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Depreciation

Form 8949 exceptions

If sales transactions meet certain IRS requirements, you can bypass Form 8949. There are 2 exceptions to filing Form 8949. If both exceptions apply, you can use both.

Exception 1

To report amounts directly on Schedule D, transactions need to meet all of these IRS requirements:
  • The gain or loss isn't from the sale of collectibles.
  • The 1099-B or substitute statement shows basis was reported to the IRS.
  • No adjustments in box 1f or 1g.
  • No adjustments needed to the basis, type of gain, or gain or loss amount.
  • Not electing to defer income due to an investment in a QOF.
  • Not terminating deferral from an investment in a QOF.
You can report any transactions that meet these requirements directly on Schedule D line 1a or line 8a.
To report a transaction directly on Schedule D:
  1. Go to the Income folder.
  2. Select the
    B&D
     tab or the
    Broker
     tab. Only use the Broker tab if you're entering a consolidated broker statement.
  3. If you're on the Broker tab, select the
    Proceeds
     statement. If you're on the B&D tab, select the
    Schedule for detail
     statement.
  4. Enter code
    4
     in the
    8949 Box
     field.
  5. Make sure the following fields are empty. If you need an amount in any of these fields, you won't be able to report directly on Schedule D, per the IRS.
    • 1099B Errors
    • Adj to G/L
  6. Make sure the
    Type
     field isn't set to
    C
     (for Collectibles). If the type code is C, you can't report directly on Schedule D, per the IRS
UltraTax CS combines all the transactions that meet the data entry and IRS requirements described previously and report them on Schedule D, lines 1a or 8a, depending on the holding period.
To see a worksheet with the details on lines 1a and 8a, go to the DWrk folder in the Forms view. By default, worksheets print when 2 or more transactions exist. To change this, go to
Setup
,
1040 Individual
,
Other Return Options
, then
Return Presentation
 and enter the minimum number of transactions to print Sch D, Line 1a/8a worksheets.

Exception 2

Instead of completing Form 8949, you can submit a substitute statement. Format your substitute statement similarly to the Form 8949 itself.
First, create or get the substitute statements you want to attach to the return. Then, attach a form 8949.

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