DIY Products

DIY Products

Whether you’re an experienced do-it-yourselfer or doing your own taxes for the first time, this is your place to learn and share. Here you’ll find information and resources for using H&R Block’s online and software DIY solutions. You’ll also find links to more information to assist you on your DIY journey.

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Pioneer
Posts: 2
Registered: ‎12-25-2017
Accepted Solution

Form 8949 and H&R Basic 2017

Does H&R Basic 2017 have the full 8949 Form for properly filing for exercising stock options?

 

Thank you for any assistance.

 

I.Konuk

Trusted Council Member
Posts: 6,191
Registered: ‎02-23-2016

Re: Form 8949 and H&R Basic 2017

Hi ikonuk,

 

 

 

Welcome to the H&R Block community.

 

You will need the premium software to complete Form 8949/Schedule D for investment instruments (such as your stock options), home sales, etc.

 

The basic software is limited to doing things like wage income, dependents, and Schedules A & B.

 

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)

Pioneer
Posts: 2
Registered: ‎12-25-2017

Re: Form 8949 and H&R Basic 2017

Are those form NOT available or disabled in H&R Basic 2017?

 

I do not need any technical assistance from the software. I just need to be able to fill the form manually.

 

Thanks for quick response.

 

I. Konuk

Associate (Pioneer)
Posts: 253
Registered: ‎01-08-2018

Re: Form 8949 and H&R Basic 2017

[ Edited ]

Hello ikonuk,

 

If you go to the H&R Block website that shows the different versions of the downloadable tax software (i.e. Basic, Deluxe, Premium, and Premium + Business), and click the link for "Requirements & Supported Forms" and also click the link for "Federal Tax Forms,"  it seems that all versions of the downloadable tax software support Form 8949 and Schedule D.

 

However, on the same H&R Block webpage that shows the different versions of these software, i.e. Basic, Deluxe, etc., there is a line item that says "Reporting assistance on income from investments, stock options, home sales and retirement" and it shows that the Basic edition does not offer assistance on reporting items for investments and stock options that go on Form 8949 and Schedule D.  It would be my guess that the Basic edition of the tax software may support the Form 8949 and Schedule D, but it will lack the certain features in filling out the information that goes on the Form 8949 and Schedule D.    Otherwise, it could be likely that Basic edition either does not show the Form 8949 and Schedule D as available for use in the Basic edition or they are not accessible for making a direct input on the forms/schedules themselves.

 

For filling out the Form 8949 and Schedule D manually, you can search on the IRS website for instructions on filling out Form 8949 and Schedule D.

 

Lawrence,

Tax Research Specialist

Pioneer
Posts: 2
Registered: ‎01-21-2018

Re: Form 8949 and H&R Basic 2017

I have the premium version, and after several hours of work, i have generated an 8949 from CoinTracking.info.

I cannot figure out where I am supposed to add these transactions.  8949 does not appear to be an option in my software.  I do not want to log each of these 100+ transactions individually.  

 

Thanks!

Associate (Pioneer)
Posts: 253
Registered: ‎01-08-2018

Re: Form 8949 and H&R Basic 2017

[ Edited ]

Hello johncassil,

 

Welcome to H&R Block Community.

 

If you are using the H&R Block online product for the premium version, the form 8949 is generated when making entries in the "1099-B Sale of stocks, bonds, mutual funds, and other securities" section or the other section called "1099-S Sale of other real estate, collectibles, and other investment property."

 

Either section should generate Form 8949 for you.  The only difference is that if using the section called “1099-B Sale of stocks, bonds, mutual funds, and other securities” in the H&R Block online tax program, this will generate a Form 8949 with a spot checked off saying either:

  •  “Short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS,”
  •  “Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS,” 
  •  “Short-term transactions reported on Form(s) 1099-B showing basis wasn't reported to the IRS,” 
  •  Or, “Long-term transactions reported on Form(s) 1099-B showing basis wasn't reported to the IRS.”

If using the “1099-S sale of other real estate, collectibles, and other investment property” section in the online tax program, the Form 8949 will be filled out with a spot checked off saying,  ”Short-term transactions not reported to you on Form 1099-B” for any purchases and sales of investments within 2017   or   “Long-term transactions not reported to you on Form 1099-B” for any purchases of investments made before 2017 that was later sold during 2017.

 

Based off the information you mentioned in regards to “CoinTracking.info,”  it seems you are trying to report the sale of cryptocurrencies on the Form 8949 in the H&R Block online tax program.

 

If you do receive a Form 1099-B on these cryptocurrency sales, then enter them in the "1099-B Sale of Stocks, bonds, mutual funds, and other securities" section. You can get to that section by following these steps:

  1. Click Federal
  2. Click Income
  3. Find Sales and Transfers
  4. Click Add + to expand the “Sales and Transfers” section
  5. Click [Visit Topic] – 1099-B Sale of Stocks, bonds, mutual funds, and other securities
  6. Click [Add New 1099-B] to begin entering the sales

 

Note: in the “1099-B Sale of stocks, bonds…” section, there is an option for entering your sales as a group. In other words, enter a group sale.  Entering group sales allows you to enter a combined entry of all the sales that were made on these cryptocurrencies instead of having to make a separate entry for all of them individually. It should be noted that you can’t do a group sale in reporting of all short-term and long-term transactions as a combined entry on the tax return.  Furthermore, the tax rules state that short-term sales and long-terms sales must be reported separately on the tax return.  Therefore, you have to make a separate entry for a group sale of short-term sales and another separate entry for a group sale of long-term sales on these cryptocurrencies.

 

If you do not receive the Form 1099-B on these cryptocurrency transactions, then enter them in "1099-S Sale of other real estate, collectibles, and other investment property” section.  You can get to the "1099-S Sale of other real estate, collectibles, and other investment property” section by following these steps.

  1. Click Federal
  2. Click Income
  3. Find Investments
  4. Click Add + to expand the “Investments” section
  5. Click [Visit Topic] – 1099-S Sale of other real estate, collectibles, and other investment property
  6. Click [Add Sale] to begin entering the transactions

Even though the “1099-S sale of other real estate, collectibles, and other investment property” section sounds like you need a 1099-S Form to make an entry here, however, in this section, there is a screen with instructions that said to include “Stocks and bonds not reported on a 1099-B” and “other property owned for personal or investment purposes (except your main home”.  So, you can enter in “1099-S sale of other real estate, collectibles, and other investment property” section the sale of these cryptocurrency that is not reported to you on a Form 1099-B.

 

 

Note: In case the “1099-S sale of other real estate, collectibles, and other investment property” section does not provide the option for group sales, you can type in the “Description” box that this is a group sale of these cryptocurrencies and then proceed with the rest of the interview screens for that section. However, as mentioned before, you cannot enter a group sale of both short-term and long-term transactions as one combined entry since the tax rules require that short-term and long-term sales must be reported separately.  Therefore, you have to make a separate entry for long-term group sales and short-term group sales.

 

 

If you happened to be using the H&R Block desktop / downloadable software, here are the steps to reach to the location(s) to enter these transactions in order to fill out the Form 8949.

 

If your cryptocurrency sales are reported to you on Form 1099-B, then follow these steps:

  1. Click Federal
  2. Click Income
  3. Scroll down to find “Sale of Stocks, Bonds, Mutual Funds, and Other Securities (1099-B)”
  4. Click Go To
  5. Click Enter Manually
  6. Then proceed with the rest of the screens to fill out your sales

 

Note:  In the “Sale of Stocks, Bonds, Mutual Funds, and Other Securities (1099-B)” section of the desktop / downloadable tax software, there should also be a screen that asks if you want to enter your sales as a group. By selecting the option to enter the sales as a group, you can enter a combined entry of your cryptocurrency transactions in the tax software.  However, as mentioned before, you cannot make a group sale entry in combining all of the short-term and long-term sales as one entry on the tax return.  Short-term and long-term group sale entries must be entered separately.

 

If your sales are not reported to you on Form 1099-B, then the following steps to enter your sales are:

  1. Click Federal
  2. Click Income
  3. Scroll down to find “Sale of Collectibles and Other Investment Property”
  4. Click Go To
  5. Then, you will be on the screen with the instructions that says about entering sales “not reported on a 1099-B)”
  6. Click Add Sales
  7. Then, proceed to the next screen to enter these sales.

 

Note: In case the “Sale of Collectibles and Other Investment Property” section of the desktop / downloadable tax software does not provide the option for group sales, you can type  in the “Description” box that this is a group sale of these cryptocurrency transactions and then proceed with the rest of the interview screens for that section. However, as mentioned before, you cannot enter a group sale of both short-term and long-term transactions as a combined entry in the tax software.  You have to make a separate entry for long-term group sales and another separate entry for short-term group sales.

 

If you have any other questions, I’ll be glad to help.

 

Lawrence,

Tax Research Specialist

Pioneer
Posts: 1
Registered: ‎02-09-2018

Re: Form 8949 and H&R Basic 2017

Hello, Lawrence, thank you for that response. I have a question. It seems like the software won't allow decimals in the description of the cryptocurrencies using this method in the software. I generated a 8949 form from bitcoin.tax, I was hoping to fill out the form exactly as I see it. It appears I can't.

It says "Round fractional shares to the nearest whole number. The IRS doesn't allow decimals for e-filing." I'm trying to file for cryptocurrencies, not in USD. If I were to round up or down with bitcoin then I would be off by thousands of dollars on my tax return. What do I do here?

Associate (Pioneer)
Posts: 253
Registered: ‎01-08-2018

Re: Form 8949 and H&R Basic 2017

Hello johngjackson0,

 

Welcome to H&R Block Community.

 

If you are trying to enter information in the "Description" box, any rounding you typed in the "Description" box should not affect the actual dollar amount being reported for "Sale Proceeds" and the "Cost Basis". If you are trying to enter a decimal for the cryptocurrency description such as "0.001456 bitcoin" and the tax program does not allow it, then try typing something along the lines of "0 point 001456 bitcoin" or "0 pt 001456 bitcoin" or any variation similar to that and see if that would work for you.

 

If you have any other questions, then I'll be glad to help.

 

Lawrence,
Tax Research Specialist

Pioneer
Posts: 1
Registered: ‎02-12-2018

Re: Form 8949 and H&R Basic 2017

Does the Deluxe version allow the use of form 8949?

Associate (Pioneer)
Posts: 253
Registered: ‎01-08-2018

Re: Form 8949 and H&R Basic 2017

[ Edited ]

Hello fancy,

 

Welcome to H&R Block Community.

 

According to the H&R Block website at (https://www.hrblock.com/tax-software), it shows that for the Deluxe edition of the H&R Block desktop/downloaded software provides "reporting assistance on income from investments, stock options, home sales and retirement." So, the Deluxe edition of the H&R Block desktop/downloaded software should have features to assist you in the filing of Form 8949.

 

If you are inquiring about the H&R Block online tax program, then Form 8949 is not supported in the Deluxe version. Only the Premium and the Self-Employed version of the H&R Block online tax program support the filing of the Form 8949.

 

Regards,

 

Lawrence
Tax Research Specialist