I have on my Form 1099-B from my broker an entry for an "Unknown Transaction for Which Basis is not Reported to the IRS. " It shows the Date Acquired as Unknown and the Cost or Other Basis as Unknown.
My question is how do I enter this into TurboTax.
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You can enter the date acquired and cost basis even though they are not entered on the form. You will see an option when you enter your sales proceeds and cost basis to indicate that the cost basis is wrong or missing on the Form 1099-B entry. Choose that option and you can enter the correct cost basis. Enter $0 for the 1099-B form entry cost basis, then choose the option I just mentioned to enter the correct cost basis. Enter the date acquired where requested in the Form 1099-B entry screen.
You will have to do some research to find the date acquired and cost of the investment you sold. You may have to ask for help from your broker for this. You can enter $0 for the cost basis if you can't determine an accurate number for that. For the date acquired, you can pick an estimated date either less than one year from the sale date (short-term sale) or a date more than one year from the sale date (long-term sale), depending on whether you held the investment for a year or more.
You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.
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