Ask Experts Questions for FREE Help !
Ask
    collegian's Avatar
    collegian Posts: 57, Reputation: 1
    Junior Member
     
    #1

    Jun 10, 2020, 11:22 AM
    Is there a way to skip mailing form 8453?
    Hello,

    I am e-filing my federal return and after finishing my return the site is asking me to print form 8453 and mail it along with summary statement.

    I have included code M in form 8949 since I wanted to summarize my stock transactions instead of reporting them individually. I don't have any wash sales in the summarized transactions but I do have a 8949 with box F checked. Also, for some Employee Stock Plan stock sales I did adjust the cost or basis (used code B).

    Now, my question is there a way I can get away from printing 8453, 8949, 1099-B and mailing them? Please advise.

    Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
    Senior Tax Expert
     
    #2

    Jun 10, 2020, 01:04 PM
    Unfortunately, submitting tax transaction summary using IRS Form 8453 is an all-or-nothing affair. You either submit the stock transaction summary with the Form 8453, or you manually enter each stock transaction on Form 8949. There is no middle ground.

    Since you have commited to sending the Form 8453, you DO need to mail it. You can attach a explanatory sheet addressing those peculiar transactions you cited.
    collegian's Avatar
    collegian Posts: 57, Reputation: 1
    Junior Member
     
    #3

    Jun 10, 2020, 01:40 PM
    Thanks for the quick response.

    Will I have to send form 8453 even if I only adjust the cost basis of Employee Stock Plan sales (use code B on form 8949) and enter all transactions manually?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
    Senior Tax Expert
     
    #4

    Jun 10, 2020, 01:44 PM
    If you have entered all of the stock transactions manually and (hopefully) properly adjusted the cost basis using Code B on the Form 8949, then all of the information on the summary statement has been manually entered via the tax software on Form 8949.

    That being the case, submission of IRS Form 8453 would be redundant and probably would just cause confusion.

    Given these facts, you should ignore the prompting from the tax software and NOT submit the stock transactions summary using Form 8453.
    collegian's Avatar
    collegian Posts: 57, Reputation: 1
    Junior Member
     
    #5

    Jun 10, 2020, 07:46 PM
    Sounds good, thanks again.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
    Senior Tax Expert
     
    #6

    Jun 10, 2020, 08:34 PM
    Glad to help!

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to file form 1040 with taxable income on form w2 and form 1042s? [ 3 Answers ]

Hi, I'm a graduate student from Taiwan. I checked on IRS web site. I'm very sure that I become a resident alien in 2011 (more than 5 years F1). I have W2 and 1042S for my 2011 taxable income. I don't know how to report W2 and 1042S together on form 1040?

8453 Questions [ 1 Answers ]

I paper filed my Federal Tax return as I needed to apply for ITIN for my spouse. After getting ITIN, I have e-filed my NY State Tax return. So now do I need to file 8453 form this year. My US earnings before 2007, were Zero. So my AGI for 2006 is zero. Any suggestions.

Form 8453-OL Signature Page [ 2 Answers ]

I have to fill out the 8453-OL signature page and send it to the IRS. If any one is good with these sort of forms then PLEASE help me. In Part 1 there is a 'Tax Return Information' section. Do I have to fill out all my tax return information or just number 3, the refund column? Thank you!

Form 1099 received, but do I report on Form 1040 or just Form 2106? [ 1 Answers ]

Greetings. I'm hoping I can get some help on what to do with a 1099-MISC form I received from my employer that were for business expense reimbursements. I have read through some questions and answers already and based on them I'm going to file this as a Form 2106. The question is should I...


View more questions Search