Generating Form 8949, column (f) for various codes in Lacerte (2024)

This article will help you generate Form 8949, column (f) for various codes in Intuit Lacerte. Form 8949, column (f) reports a code explaining any adjustments to gain or loss in column G. Follow the instructions for the code you need to generate below.

Before you start

• Review the IRS instructions for Form 8949 for a complete list of the adjustment codes and when to use each.
• Unless otherwise noted, all entries can be found on the Dispositions screen.
  • Screen 17 (Individual)
  • Screen 19 (Partnership)
  • Screen 15 (Corporate)
  • Screen 23 (S-Corporate)
  • Screen 22 (Fiduciary)

Generating the various codes:

Use the table below to select the code you'd like to generate. From there you will be taken to the appropriate steps to generate that code.

Select your code:

Code B - Basis reported was incorrect

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll down to theSchedule Dsection.
4. Enter the adjustment to basis in theAdjustment to basis if reported incorrectly on Form 1099-B, box 1e field.

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Code T - Type of gain or loss was incorrect

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll down to theSchedule Dsection.
4. Check the box labeledForm 1099-B, box2 type of gain or loss reported incorrectly.

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Code N - 1099 received as nominee (individual and fiduciary returns only)

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll down to theSchedule Dsection.
4. Check the box labeledReceived 1099-B or 1099-S as a nominee.

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Code H - Sold main home at a gain (individual returns only)

1. Go to theDispositions screen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSaleof Homesection.
4. Check the box labeledSale of home (MANDATORY to compute exclusion).
5. Check the box labeled 2year use text met (full exclusion), if applicable.

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Code D - Accrued market discount

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Enter the amount from Form 1099-B, box 1f inAccrued market discount adjustment.

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Code Q - Qualified small business stock

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Enter a 1 in the1= qualified small business stock (exclusion or rollover) field.

If you have a code Q generating and there aren't any entries for stock dispositions indicated as qualified small business stock, then you may have an amount entered in theDividend Income (1099-DIV) screen. You can check this using the following steps:

1. Go to theDividendscreen.
   • Screen 12(Individual)
   • Screen 16(Fiduciary)
2. Locate the field labeled(2c) Section 1202 gain.
3. Make sure that there's anamount listed for each dividend income item, as applicable.
   • Leave the amount in the field for each dividend income item (as applicable) if it's accurate.
   • Remove the amount in the field for each dividend income item (as applicable) if it's inaccurate.

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Code X - DC zone or qualified community assets

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Enter an amount or a -1 in theDistrict of Columbia Enterprise Zone orqualified community assets amount excluded (-1 to excludeall) field.

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Code R - Elect to postpone certain rollover gains

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Locate theQSB Stocksubsection.
5. Enter a 1 in the1= qualified small business stock (exclusion or rollover) field
6. Enter an amountor a 1 in theSection 1045 rollover (1=postpone entire gain or enter amount) field.

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Code W - Nondeductible wash sale loss

1. Go totheDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Enter the amount from Form 1099-B, box 1g inthe Wash Sale amount disallowed (-1 to disallow all) field.

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Code L - Other nondeductible loss

1. Go totheDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Enter an amount or a -1 in the Amount of loss that is nondeductible (-1 to disallow all) field.

If this disposition isn't generating on Form 8949, make sure that this singledisposition is generating an overallloss. Ifnot, then itwon'tflow to Form 8949 with code L.

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Code E - Sale expenses not reported elsewhere

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Enteran amountin theExpenses of sale or exchange field.

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Code S - For certain small business stock losses

1. Go to theDispositions screen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Check the box labeledSection 1244 stock.

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Code C - Sale of collectibles

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll downto theSchedule Dsection.
4. Check the box labeledCollectible (art, stamps, coins, precious metals, etc.)(28% rate).

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Code M - Report multiple transactions on a single row

Refer to this article for instructions on reporting multiple disposition items for Form 8949, code M.

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Code O - Other adjustments

1. Go to theDispositionsscreen.
2. Enter the applicable information regarding the sale:
   • Description
   • Date acquired
   • Date sold
   • Sales price
   • Cost or basis
3. Scroll down to theSchedule Dsection.
4. Enter an amount in theOther adjustment to gain or loss (-1 for all) field.

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Code Y or Code Z - QOF deferrals

Refer to this article for instructions on reporting a Qualified Opportunity Fund (QOF) transaction.

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