Hi and thanks in advance. I am currently working on my taxes in TurboTax Premium online and was hoping you could help me understand some missing values for a "corporate bond" investment listed on my 1099-B under the following headings:
Under "1099-B Proceeds from Broker and Barter Exchange Transactions Summary":
UNKNOWN TERM - CODE (X) REPORT ON FORM 8949 PART I OR PART II
Note: Only the "Proceeds" (first line) has a non-zero value...
Box B or Box E (basis not reported to IRS): $111.71
Box B or Box E - Ordinary - (basis not reported to IRS): $0.00
Under "1099-B Proceeds from Broker and Barter Exchange Transactions Details":
The Date Sold or Disposed of the bond: 7/15/2024
Quantity sold: 5,000.00000
Gain/Loss Amount: N/A
Additional Info: Return of Principal
------------------
In looking through past statements, I found the following info:
June 2023 Statement Info:
The bond was purchased on: 6/13/2023
Quanitity: 5000
Price: $100.1250
Amount: $5,006.25
July 2024 Statement Info:
For the sold/disposed date of 7/15/2024, I see these entries for the bond:
Transaction: Interest | Amount: $145.00
Transaction: Principal | Amount: $111.71
------------------
My questions:
- Do I need to enter this "unknown" on the TurboTax 1099-B form? If yes..
- TurboTax Premier only allows entries from the 1099-B for Gains and Losses, not Unknowns. How do I enter this? (It looks like a "Gain - with basis not reported to IRS", but uncertain.)
- Is the Date Acquired the same as the Date Purchased? In this case, 6/13/2023?
- What do I enter for the cost basis?
