We agree that Section 1202 of the IRC was enacted to incentivize investment in certain small businesses by permitting gain exclusion upon the sale of qualified small business stock (QSBS). As a way of background, for purposes of the QSBS exclusion, a QTB does not include performing services in certain fields: health, law, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any trade or business in which the principal asset is the reputation or skill of one or more of its employees.
Now, here are the steps to follow to enter your QSBS into TurboTax. In the Federal section, under Wages & Income, scroll down the page and select Stocks, Mutual Funds...etc or a similar category. After selecting Stocks, Mutual Funds...you may see a section about 1099-B, you can select no, because the next page(s) will give you the option to enter your sales information. On the next page, you will see an a question regarding "what if I have small business stock." You can click on the question to learn more about small business stock, or just continue through the application and enter your information when prompted.
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