1099B

[hunterbean2022]

Hello, I have a 1099 B for "X" fund with both LT covered reported to IRS and LT noncovered (not reported  to IRS) entries.  The LTC is fine and has a sales summary of proceeds and a cost basis (> year 2011).  The LTNC has proceeds but no cost basis (< year 2011).  I know the exact cost basis from my record's so I adjusted accordingly and checked B (cost basis incorrect on form).  Proceeding to the next section, Turbo tax says "how do you want to submit your 1099-B form"?  Says to file electronically and then mail form 8543.  But form 8543 has no checkbox for submitting 1099B and that form says if the attachment is not listed on Form 8543, then I cannot e-file and need to mail my whole return?   Maybe they mean form 8949 that has a checkbox with the 1099B?  Help, this isn't making sense.  I figure I will file electronically and then mail the 1099B with form 8543 even if there is no checkbox for a 1099-B.

[Mike9241]

the noncovered are reported on form 8949 Code E. long-term proceeds but not cost reported to IRS

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each lot sold must be reported separately to avoid having to file 8453/8949/1099-B

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if multiple transactions are listed on the same line Code M is required and you have to submit Form 8453 with the details of the trades. The 8949 box should already be checked in Tubotax. Follow the mailing instructions for the 8453. This would include the 8949 reporting these noncoverd trades and a copy of the section of the 1099-B that shows the cost for these transactions 

[hunterbean2022]

* Method 1- Thx, can I still e-file and then mail form 8453 with Box 8949 checked attaching hard copies of 8949 copy of my 1099B and my mutual fund & excel tracking of transactions?  This is using sum of sales for both covered and non-covered.

* Method 2  - Sum of Sales for Covered, Line by Line for Non-Covered with adjusted cost basis.  Based on your great feedback , I was able to enter the LT non-covered $0 cost basis section multiple lines in a line by line transaction in Turbo Tax and look up the approx trade date (over 10 years ago so no question on LT).  Used $0 cost basis as shown on 1099B and then checked needs to be adjusted/incorrect cost basis and corrected for each one and then put in the correct adjustment.  In this way, there was no requirement to send in form 8543 with 1099B and all data is outlined in 8949.

Method 2 seems more accurate and streamlined.