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How to report foreign capital gain/loss with NO 1099 form filed to IRS?
Hi,
I have foreign brokerage account, with capital gain/loss. I received an “unofficial 1099-B” form from the foreign broker, but it specifically says that the form is unofficial and is not filed with IRS. How do I report short term and long term capital loss using TurboTax?
I tried to enter the capital loss as if I received the 1099-B form, but it would trigger TurboTax to fill out schedule D’s boxes 1a and 8a, instead of boxes 2 and 9. Also, it would not generate form 8949. Is there any way to correct what I’ve entered? (I tried go to schedule D form view and make manual change, but that did not work.) Alternatively, please advise how I can enter the capital loss info from scratch so that the amounts appear in boxes 2 and 9 of schedule D and would generate form 8949.
I use TurboTax Deluxe CD version.
Thanks in advance for your help!
Best regards,
Shirley
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To enter the information go to
- Wages & Income
- Investment Income
- Stocks, Mutual Funds, Bonds, Other
When the program asks if you received a 1099-B form, you answer No. Then next page gives you the option to report Stock. Pick this option and fill in your information.
Guide to Schedule D: Capital Gains and Losses
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Thank you so much DianeC958!
I followed your instructions, and I was able to get Form 8949 generated. However, I noticed that in Schedule D, the information I entered appeared in boxes 3 and 10 (that is, it shows that these transactions were not reported to me on Form 1099-B) rather than in boxes 2 and 9 (that is, these transactions were reported on form 1099-B showing basis wasn’t reported to IRS).
How can I enter the info so that it appears in boxes 2 and 9 in schedule D?
Thanks again for your help! I really appreciate it.
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You would need to indicate that it was reported on a 1099-B.
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Thank you KarenJ2!
I tried to enter the capital loss as if I received the 1099-B form, but it would trigger TurboTax to fill out schedule D’s boxes 1a and 8a, instead of boxes 2 and 9. Also, it would not generate form 8949.
How can I make TurboTax fill out boxes 2 and 9 of schedule D, and generate form 8949, if I choose that I received 1099-B? Also, how/where can I tell TurboTax that this 1099-B wasn’t filed with IRS?
Thank you again!
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You should not indicate that the transactions were reported on Form 1099-B, if they were not.
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Thank you DavidD66.
Frankly, I’m not sure if what I received is considered 1099-B or not. It is marked on the form that it is unofficial, that it is for information only, and it is not filed with IRS. Are you suggesting that I should just treat it as if I did not receive 1099-B?
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You should start in the same place as the 1099-B.
- Answer NO to did you get a 1099-B
- Select the item that was sold (Probably Stocks)
- Post the description, shares, date sold, Proceeds and if there were taxes withheld.
- How did you acquire the stock
- At the bottom of page, how many times did you make purchases?
- Enter Purchase date
- Continue through the questions
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Thank you JohnB5677!
I did try your instruction, but I noticed that the information I entered appeared in boxes 3 and 10 of schedule D (that is, it shows that these transactions were not reported to me on Form 1099-B) rather than in boxes 2 and 9 (that is, these transactions were reported on form 1099-B but wasn’t reported to IRS).
How can I enter the info so that it appears in boxes 2 and 9 in schedule D?
Thanks again for your help! I really appreciate it.
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You cannot because Box C and F indicate that these transactions were not reported to the IRS. Which is correct. That is why they are posted to lines 3 and 10.
Lines 2 and 9 are from Boxes B and E which is reported to the IRS, but not sure what the basis is.
So based on your condition, the schedule D is posted correctly.
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I see. Thank you for the clarification JohnB5677!
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Hello,
I selected
- Wages & Income
- Investment Income
- Stocks, Mutual Funds, Bonds, Other
The program didn't ask me whether I have a 1099-B form. And asked to send a copy of 1099-B form although it is a stock loss from a foreign brokerage account.
Is there anything wrong with my operations?
Thanks.
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Here are instructions to enter the information without a 1099-B
You don't have a 1099-B, but you will enter it as though you do.
- Click on the Wages & Income tab
- Next click on I'll choose what I work on
- Scroll down the screen until you come to Investment Income
- Choose Stocks, Mutual Funds, Bonds, Other and select Start or Update
- The first screen will ask if you sold any investments during the year, answer yes
- Did you get a 1099-B or a brokerage statement for these sales? Answer No
- Tell us about this sale, Click I'll enter one sale at a time
- The drop-down boxes can be filled out with the details of the sale
The example below shows Land as the sale, use the pull down menu for choose your sale item.
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