HelenC12
Expert Alumni

Get your taxes done using TurboTax

@joesmie 

There may have been a problem downloading the original 1099-B.  For additional information see the following link: Information regarding Chase Bank 1099-B downloads

 

If your original 1099-B form from Chase doesn't have the sale category information, that may be why it's missing on your imported 1099-B forms. You can manually enter the sale category. 

 

The Sale Category is determined by two factors:

  1. Basis reported (Covered) or Basis Not Reported (Non-Covered)
  2. Holding period (Long-term or Short-term)

You can use the Box Descriptions below to figure out your Sale Category.

For example, if your stock basis is reported to the IRS on the Form 1099-B, and the stock's holding period was longer than one year, you would select box D as your sales category - a long-term sale with the cost basis reported to the IRS. 

  • Box A - Short-term Covered - Short-terms sales with cost basis reported to the IRS
  • Box B - Short-term Noncovered -  Short-term sales with cost basis NOT reported to the IRS
  • Box C - Short-term Not reported -  Short-term sales not reported to the IRS
  • Box D - Long-term  Covered - Long-term sales with cost basis reported to the IRS
  • Box E - Long-term Noncovered - Long-term sales with cost basis NOT reported to the IRS
  • Box F - Long-term Not reported - Long-term sales not reported to the IRS
  • Box X - Holding period and cost basis NOT reported to the IRS. Source: Rachel_W

 

Note: Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

  • You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

[Edited 3-11-2021|6:45 AM PST]

 

 

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