1099-B Non-covered Securities with Undetermined Holding Period - Unsure how to imput

[ahsu]

I have a 1099-B that states: "Non-covered Securities with Undetermined Holding Period (Consider Box 5 (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.".
Where do I report this on turbo tax? This option is not offered in the dropdown for "Sales Section Title" in the 1099-B section. 

[JohnB5677]

Yes, you can post this to TurboTax, but you may have to upgrade from Basic, and you will have to do some homework first.

Can I use TurboTax Basic if I get 1099 Div and 1099 B forms for my investments?

For some reason your broker does not know the basis, or the acquired date of that security.  This burden falls upon you.  

• The first issue is:  Did you acquire it over one year ago.
  • If you did, it is long term gain.
  • If not, it is short term gain.
• The next issue is the basis value.
  • In most cases it is the purchase price.
  • If you do know the date you can use the average price for the day.
  • If you have an approximate date, you can use an average for the week.
  • If you have no idea at all, you may have to pay tax on the entire proceeds.

To post this information: I suggest you post it manually.

1. Start at Federal
2. Wages and Income
3. Scroll to Investments & Savings
4. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
5. Did you have investment income in 2022? - Yes
6.  Get ready to be impressed  Continue
7. You can enter your information to import the details
8. —----------- OR —------------------------
9. Select Enter a different way
10. Choose the Box Stocks, Bonds, Mutual Funds Continue
11. Follow the interview to post your information.

Now you should correct the Cost Basis.

Leave the original basis as blank.  The same as posted to your 1099-B

1. Start at Federal
2. Wages and Income
3. Scroll to Investments & Savings
4. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
5. If you already have an entry, select the appropriate broker or add another account.
6. Select your broker or follow the interview.
7. As you enter the dates and proceeds, there is a check box for The cost basis is incorrect or missing on my 1099‑B
8. Use this option to correct any errors on a cost basis.

[ahsu]

Thanks for the reply. What makes this more complicated is that these shares were accumulated on an ESPP plan that is from a Canadian company. They are definitely long term (more than 1 year).  They started off as an ESPP plan in Canada for over 5 years, then when we moved to the USA a few years ago we withdrew in to account here in the USA. Thats why they would not know the holding period. What do we do in this case? Where do we get the information needed?

[AmyC]

The IRS only cares if short term or long term. You know yours are long term so you can select long tern as the holding period. If the IRS asks for proof, you can show the IRS when you purchased the stock versus when sold. You have the paperwork trail to prove your side, if selected for a review.