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Schedule D & FORM 8949

posted Nov 28, 2011, 9:26 AM by Wayne Culp   [ updated Dec 16, 2011, 11:28 AM ]
oSchedule D for 2011 – has new reporting lines using Form 8949NEW
oForm 8949 has codes and three boxes that need to be completed for each taxpayer
qBox A – Cost basis shown on 1099-B
qBox B – Cost basis not shown on 1099-B
qBox C – No 1099-B received
oFor each asset sold, the 1099 will have an A/B/C designator
oAssets can no longer be entered on Schedule D
oAll assets information goes on Forms 8949
oPage 1 is for short term; Page 2 is for long term
See Pub 4012 - Tab 2  starting @ page 2-10
oIn TaxWise, Capital Gain or Loss Transactions Worksheet (Cap Gain Wkt) will load 8949s and put assets on appropriate pages
oLong Term/Short Term Capital Gains/Losses Wkts will no longer be in Forms list
oA/B/C designators will be located on Cap Gain Wkt under 1099 column
oColumn (b) is code for adjustments to gain/loss, wash sales, exclusion of gain on main home, etc (see IRS instructions below for codes)
oColumn (g) is the amount of the adjustment