Schedule D (Form 1040) - Transactions Reported on Form 1099-B

It is possible, under very specific circumstances, to report the combined amounts of short-term or long-term transactions directly on lines 1a and 8a of Federal Schedule D. This will work for any transactions meeting the specific criteria, other than transactions for the sales of collectibles.

If your transactions meet the criteria, to enter the information in the TaxAct program so the totals flow to line 1a and/or 8a, follow these steps (you would make a separate entry for the short-term transactions and then another for the long-term transactions):

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
  2. Click Investment Income to expand the category and then click Gain or loss on sale of investments in the Federal Quick Q&A Topics menu
  3. Click Capital gain or loss (Form 1099-B)
  4. Click +Add Form 1099-B to create a new copy of the form or click Review to review a form already created
  5. Choose Quick Entry or Step-by-Step Guidance
  6. For a description, enter "Aggregate total for line 1a per IRS instructions" (for short-term transactions) or "Aggregate total for line 8a per IRS instructions" (for long-term transactions).
  7. Total the amounts from the Forms 1099-B for entry on this one Form 1099-B in the program. Enter "Various" as the date acquired and the last day of the year as the date sold.
  8. The Reporting Category for the short-term transactions will be "A" and for the long-term transactions "D" (as they both indicate that the basis was reported to the IRS which is one of the criteria listed in the instructions below). 
  9. Do NOT enter any "Adjustment Code(s)" due to the criteria listed in the instructions below.

When you print your return you will see the aggregate gain or loss reflected on Schedule D.

Per the IRS Instructions for Schedule D, page D-11 (click the link to view the examples the IRS provides in the instructions):

Lines 1a and 8a—Transactions Not Reported on Form 8949

You can report on line 1a (for short-term transactions) or line 8a (for long-term transactions) the aggregate totals from any transactions (except sales of collectibles) for which:

  • You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g,
  • The Ordinary box in box 2 isn't checked;
  • The QOF box in box 3 isn’t checked;
  • You aren’t electing to defer income due to an investment in a QOF (Qualified Opportunity Fund) and aren’t terminating deferral from an investment in a QOF; and
  • You don't need to make any adjustments to the basis or type of gain or loss reported on Form 1099-B (or substitute statement), or to your gain or loss. See How To Complete Form 8949, Columns (f) and (g) in the Form 8949 instructions for details about possible adjustments to your gain or loss.

If you choose to report these transactions on lines 1a and 8a, don't report them on Form 8949. You don't need to attach a statement to explain the entries on lines 1a and 8a and, if you e-file your return, you don't need to file Form 8453.

Figure gain or loss on each line. Subtract the cost or other basis in column (e) from the proceeds (sales price) in column (d). Enter the gain or loss in column (h). Enter negative amounts in parentheses.