No, you don’t need to change it, you just need to input the information correctly into the TurboTax system.
Code X, as suggested above, is used by a payer to report a transaction when they can’t determine whether you should check box B or box E on Form 8949m, because the holding period is unknown.
So, what you need to do in TurboTax Online is:
- If you’re on the Hi TurboTax Client, let's keep working on your taxes! screen, click the Pick up where you left off button
- Click Federal in the left pane, if you’re not already there
- Click Income & Expenses in the banner
- Click the Show more dropdown to the right of Investments and Savings
- Click Start to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Scroll down to the Stocks, bonds, etc. (1099-B) transaction that represents the transaction with the X code, select the dropdown to the right, and select Edit for the transaction
- Select the Edit (a pencil) icon to the right
- On the Now, enter one sale on your XXXX 1099‑B page, scroll down to Sales section and click the dropdown
- Select Unknown term basis not reported to IRS
- Provide any other relevant information on the page and select Continue
See Applicable Checkbox on Form 8949 in the Instructions for Form 1099-B for more information.
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