From ColeenD3
Here's how to enter a Qualified small business stock exclusion (Section 1202):
Although the below steps involve editing an existing stock sale entry, you may do well to delete the sale and start fresh.
- With your return open, search for 1099-B (upper- or lower case, with or without the dash) in your program's search box.
- Click the Jump to 1099-B link in the search results.
- On the Did you sell any investments? screen, answer Yes.
- If you land on the Summary of All Accounts screen instead, click Edit
- “If you have additional info about this sale, you can enter it on your own, or we can guide you.”, Select Guide me step-by-step (See the attached screenshot below. Click to enlarge.)
- Click My sale involves one of these uncommon situations. (See the attached screenshot below. Click to enlarge.)
- On Choose the type of investment you sold, choose "Stock" (See the attached screenshot below. Click to enlarge.)
- Review Some Basic Info About this Sale, Click Continue
- Click through several screens
- On "Do Any Special Situations Apply to This Sale?", select "Small business stock" click Continue (See the attached screenshot below. Click to enlarge.)
- On "What Kind of Small Business Stock?" select the appropriate section 1202 type, click Continue
Continue through the interview
§ 1202. Partial exclusion for gain from certain small business stock (a) Exclusion (1) In general In the case of a taxpayer other than a corporation, gross income shall not include 50 percent of any gain from the sale or exchange of qualified small business stock held for more than 5 years.
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