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rlcorcoran
New Member

Form 1099b category

I have a 1099b.  Turbotax is asking for a "Sale Category."  None of the options in the dropdown match anything on my 1099b, and TTax doesn't explain any of them, in case I have one that has the same meaning but they used different terms.  What "category" should I choose? Where do I find info to get this explained?
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MiriamF
New Member

Form 1099b category

This is what the different Sales Category codes mean:

Noncovered means that the security was purchased before 2011, when the rules changed regarding whether a brokerage must report sales to the IRS. If the basis is blank, the sales category will be E. Generally, noncovered securities are always long-term. The gain or loss for a noncovered security is reported on the 1099-B. 
 

If the basis is reported, then this is a covered security.  If the basis is reported for your short and long-term sales, the sales category would be A and D, respectively. 

If the gain or loss is not reported, but short- or long-term is reported, then the sales category would be C or F. This happens when the brokerage firm is custodian of a security that was transferred to them from another firm, so they are clueless as to what the purchase price and date were.

Box X is used when the security or asset could be long or short term, but not enough information is available to make that determination.



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MiriamF
New Member

Form 1099b category

This is what the different Sales Category codes mean:

Noncovered means that the security was purchased before 2011, when the rules changed regarding whether a brokerage must report sales to the IRS. If the basis is blank, the sales category will be E. Generally, noncovered securities are always long-term. The gain or loss for a noncovered security is reported on the 1099-B. 
 

If the basis is reported, then this is a covered security.  If the basis is reported for your short and long-term sales, the sales category would be A and D, respectively. 

If the gain or loss is not reported, but short- or long-term is reported, then the sales category would be C or F. This happens when the brokerage firm is custodian of a security that was transferred to them from another firm, so they are clueless as to what the purchase price and date were.

Box X is used when the security or asset could be long or short term, but not enough information is available to make that determination.



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