Hey all,
TurboTax is asking for the Sales Section, one of 7 options:
- Short-term basis reported to IRS (covered)
- Short-term basis not reported to IRS (noncovered)
- Short-term did not receive 1099-B form
- Long-term basis reported to IRS (covered)
- Long-term basis not reported to IRS (noncovered)
- Long-term did not receive 1099-B form
- Unknown term basis not reported to IRS
On my 1099B, I have the following
Above the table of the transactions:
"2022 Form 1099-B Proceeds From Broker and barter Exchange Transactions
Noncovered Securities with Undetermined Holding Period (Consider Box5 (noncovered Security) as being checked and Box 12 (basis is reported to the IRS) as not being checked for this section. These transactions should be reported on Form 8949 Part I or Part II with Box C or E checked.)"
* This makes me think the answer "Unknown term basis not reported to IRS"
In Box 6 - "Net Proceeds Reported to IRS (Box 6) --- these both have an X
* This throws me for a loop as now "not reported to IRS" from the above, is no longer true?
My 1099-B has two line items, one for employee and one for employer contributions. These transactions technically took place on the Toronto Stock Exchange - which is why (I think) this is a not overly clear. The life of these transactions spanned roughly 13 months (basically all considered short technically).
So my gut says these have to be one of these:
- Short-term basis reported to IRS (covered)
- Short-term basis not reported to IRS (noncovered)
- Unknown term basis not reported to IRS
Thanks!
