Schedule D will no longer be the friendly 2 page form with 5 worksheets to go through. Beginning with the 2011 filing season, brokerage firms are required to designate your cost basis as well as the net proceeds on Form 1099-B when you sell a security.
There are 3 possible combinations of 1099-B:
1. The cost basis is stated
2. The cost basis is not provided by the brokerage firm
3. You fail to receive a 1099-B
All 1099-B forms with the cost basis stated are then grouped and placed on one new Form 8949, with short term capital gains on page one, and long term capital gains on page two. 1099-B forms with the cost basis not provided will then be grouped and placed on a separate Form 8949 and so forth.
The reality is, if you have some of all 3 of the above combinations, you will have 3 separate Forms 8949. And if you have several sales, you may need more forms. It's going to be an interesting filing season!