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Get your taxes done using TurboTax
Yes, I would report the short-term proceeds with Unknown basis under one sales section total. Select sales section title (B) Short-term transactions reported on Form(s) 1099-B showing basis wasn’t reported to the IRS. The detail would include the sales date, the gross proceeds, the cost basis which you assigned to those proceeds and some declaration of how the basis was computed. Copies of trade records may be included or saved should a tax authority question at a later time how the amount was arrived at.
TurboTax Online will allow you to upload IRS form 1099-B information in PDF format but the number of pages that you report may be too large a PDF file for TurboTax to upload or the IRS to receive.
Both TurboTax Online and Desktop will accept IRS form 1099-B information in sales section format and allow you to US mail the attachments.
In TurboTax Desktop, follow these steps:
- Select Federal Taxes across the top of the screen.
- Select Wages & Income across the top of the screen.
- Select I'll choose what I work on.
- Scroll down to Investment Income.
- Select Start / Update to the right of Stocks, Mutual Funds, Bonds, Other.
- At the screen Did you sell any investments in 2022, select Yes.
- At the screen OK, let's start with one investment type, select Stocks, Bonds, Mutual Funds and select Continue.
- At the screen Let us enter your investment sale info, select Skip Import.
- At the screen Which bank or brokerage sent you this form, enter the information. Continue.
- Do these sales include any employee stock, enter No.
- Do you have more than three sales, enter Yes.
- Do these sales include any other types of investments, enter No.
- Did you buy every investment listed, enter Yes. Continue.
- On the screen Now, choose how to enter your sales, select Sales section totals. Select Continue.
- On the screen Look for your sales on your 1099-B, select Continue.
- At the screen Now, enter one sales total, enter the information. Continue.
- Select Add another sales total as necessary. Continue.
- You will mail a paper copy of the IRS form 1099-B to the IRS.
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