What is a 8948 tax form?
Form 8948 is used only by specified tax return preparers (defined below) to explain why a particular return is being filed on paper. Attach this form to the paper tax return you prepare and furnish to the taxpayer for the taxpayer’s signature. File Form 8948 with the tax return that is filed on paper.
How do I get form 8949?
Form 8949 can be mailed along with Schedule D and your Form 1040 or Form 1040-SR to the appropriate address on page 108 of the Instructions for Form 1040 and 1040-SR.
Is form 8949 the same as 1099-B?
Use Form 8949 to report sales and exchanges of capital assets. Form 8949 allows you and the IRS to reconcile amounts that were reported to you and the IRS on Forms 1099-B or 1099-S (or substitute statements) with the amounts you report on your return.
Which IRS forms Cannot be electronically filed?
In addition, some Forms 1040, 1040A, 1040EZ, and 1041 cannot be e-filed if they have attached forms, schedules, or documents that IRS does not accept electronically.
Which is a type of earned income?
Examples of earned income are: wages; salaries; tips; and other taxable employee compensation. Earned income does not include amounts such as pensions and annuities, welfare benefits, unemployment compensation, worker’s compensation benefits, or social security benefits.
What transactions can bypass form 8949?
Taxpayers can omit transactions from Form 8949 if: They received a Form 1099-B that shows that the cost basis was reported to the IRS, and. The form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term).
Who Must File 8949?
Anyone who sells or exchanges a capital asset such as stock, land, or artwork must complete Form 8949. Both short-term and long-term transactions must be documented on the form.
Who must file a 1099-B?
A separate Form 1099-B must be filed for whoever has sold (including short sales) stocks, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, or securities futures contracts.
Do I have to report 1099-B on my taxes?
If you sold stock, bonds or other securities through a broker or had a barter exchange transaction (exchanged property or services rather than paying cash), you will likely receive a Form 1099-B. Regardless of whether you had a gain, loss, or broke even, you must report these transactions on your tax return.