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Entering Form 8949 Totals Into TaxACT®

 
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 deluxe version of Tax Act®.
 
Follow the steps below to enter your TradeLog generated gain/loss totals into TaxACT® Online Deluxe 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 Q&A tab. Expand the Investment Income menu option, then select Gain or loss on the sale of  investments, then select Enter totals from a statement of transactions you will attach to your return.

     
  • Click on +Add to add a Form 8949 statement.


     
  • Check the box to elect 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. For New Copy of Federal Form 8949 Attachment click the +Add button.


     
  • The Schedule D - Capital Gains and Losses Instruction Sheet generated by TradeLog will contain the information you need to enter next.

    Below is a sample of this instruction sheet. We have circled the six lines that provide the totals for the six possible sections of your Form 8949. In this sample the taxpayer has only one Form 8949 section so we will use entry of those amounts into TaxACT®.


     
  • 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 7 through 11 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.