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 (Form 1040) Capital Gains and Losses. 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 (you would make a separate entry for the short-term transactions and for the long-term transactions):

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand, click Gain or loss on the sale of investments to expand, then click Capital gain or loss (Form 1099-B).
  3. Click + Add Form 1099-B to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.
  5. On the screen titled Investment Sales - Transaction Details, 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) as the 1a. Description, enter "Various" as the 1b. Date acquired, select the last day of the year as the 1c. Date sold or exchanged, then click Continue.
  6. On the screen titled Investment Sales - Reporting Category, select either "A - Short-term transaction in which basis was reported to the IRS" or "D - Long-term transaction in which basis was reported to the IRS" from the Form 8949 category drop-down, then click Continue.
  7. On the second screen titled Investment Sales - Transaction Details, add up all of your Forms 1099-B and enter the 1d. Sales proceeds and 1e. Cost or other basis amounts (total amount - Not a price per share), then click Continue.
  8. On the screen titled Investment Sales - Adjustment Code(s), leave "None selected" as the Other adjustment code due to the criteria listed in the following instructions.

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

Per IRS Instructions for Schedule D, on page D-12 (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 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.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.