- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I have 1099-B income that qualifies for Section 1202 exclusion. I'm using TurboTax Premier and I can't find a way to specify that 1202 exclusion. Can someone show me?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
In Premier, you may see a screen titled 'Let us know if any of these situations apply to this sale' (screenshot).
You can select Small business Stock here.
Continue to screen where you can select 'Type of Business Stock' and select your stock type (screenshot).
Continue to where you can make an Adjustment entry, based on type of stock.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Thanks, by the time you get to that screen it's pretty straightforward. I had a lot of trouble getting there, but finally figured it out. In case anyone else finds this useful, here's what I did:
Did you receive a 1099-B?
Yes
I’ll type it myself
Do these sales include employee stock? No
Do these sales include other types of investments? No
Did you purchase all these investments? No
What type of investment? Stock (non-employee)
How did you receive? I purchased it
Sales category? D - Long-term covered
Let us know if any of these situations apply:
This was a small business stock: X
Do you need help figuring out cost basis?
Yes
How do you want to calculate cost basis?
xxx
What kind of small business stock?
Qualified 1202 acquired after 9/27/2010 (100% gain exclusion)
Adjustment amount:
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
These are great instructions. I am getting to the last screen, but it is only giving me 2 options. Either for form 1045 or nothing applies. I am not seeing anything for section 1202 exclusions. Any help will be appreciated!