Form 8949, Sales and Other Dispositions of Capital Assets
What is Form 8489?
Use Form 8949 to report sales and exchanges of capital assets. Form 8949 is where you report the details of your sales and exchanges, and allows you and the IRS to reconcile amounts that were reported to you and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts you report on your return.
- Proceeds (Sales Price). If you received Form 1099-B or 1099-S (or substitute statement), always report the proceeds (sales price) shown on that form (or statement) in column (d) of Form 8949.
- Cost Basis. If Form 1099-B (or substitute statement) shows that the cost or other basis was reported to the IRS, always report the basis shown on that form (or statement) in column (e).
- Adjustments to Proceeds or Cost Basis. If any correction or adjustment to these amounts is needed, make it in column (g).
Entering Form 8949 into TurboTax
Don't worry! When you use TurboTax to prepare your taxes, we’ll ask you questions about your sales, figure out how much you need to report, and fill in all the right forms for you.
If you've already gone through the step-by-step interview and want to jump directly to the entry screen for this topic, follow these directions:
- Select the Federal Taxes tab (the Personal tab in the Home & Business edition).
- Select the Wages & Income subtab.
- Scroll down the Wages & Income screen until you see the Investment Income group.
- Click on the Start/Update button to the right of the Stocks, Mutual Funds, Bonds, Other category.
- Follow the prompts.
If you need to correct or change any information you have entered on your 8949, the steps you take depends on if you have already filed your tax return.
- If you have yet to file your return, simply follow the navigation instructions above, and correct or change your information.
- If you have already filed your return, you will need to amend your return. Please click here for instructions.
For questions about printing, please click here.
If you have questions about the availability of form 8949, please click here.