How do I report stock sales if I didn't get a 1099b?

[Idkwiam]

Thanks. Interesting here, under "Other" tab, we could still choose stocks...

[Idkwiam]

@gloriah5200 could you pls kindly let me know where to upload such a worksheet and note? Thanks

 gloriah5200  

Expert Alumni

 ‎February 21, 2021 4:05 PM

You can upload the worksheet as a pdf that you have kept for your own records that contains the transactions that would normally be reported on 1099-B.

You can even attach a note to that worksheet why you did not receive a 1099-B."

[Idkwiam]

@dSF2 Hi, when will TurboTax ask to upload 1099B? when we do the final review? Thanks very much

[4244WiHu]

Need info on reporting stock sale without 1099-B

[DianeW777]

A document is not required to report your stock sales.  You will enter the sale as if you had one by entering the company, the stock symbol or name, number of shares (20SH XYZ) and the rest of the details of the sale. 

Select to 'Type it myself' and do not choose any upload option.

1. Open (or continue) your return if it isn't already open
2. Select the magnifying glass, search for 1099-B and then select the Jump to link in the search results
3. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
   • If you see Your investment sales summary, select Add More Sales
4. On the OK, let's start with one investment type screen, select the category that applies to your situation and Continue
5. Answer No to Did you get a 1099-B or brokerage statement for these sales?
6. At Let's get your tax info, choose how you want to enter your 1099-B (import or type it in yourself)
7. Answer the questions about your 1099-B
   • Select Stock as the type and be sure to select the appropriate way you received the investment.

Form 1099-B is included in TurboTax Premier, TurboTax Live Premier, Self-Employed, and TurboTax Live Self-Employed (online) and in all personal CD/Download versions of TurboTax.

@4244WiHu

[MichaelFF]

After completing step 4 by selecting the "Stocks, Bonds, Mutual Funds" option, the next screen does not contain a prompt with "Did you get a 1099-B or brokerage statement for these sales?" . Rather, it takes me to the "Let's import your tax info" screen. After selecting "I'll Type it Myself" to advance to the next screen, I am prompted with a screen that says "Which bank or brokerage sent you a 1099-B for these sales?". 

There is no option to indicate that I did not receive a 1099-B for these sales, and the screen will not let me advance unless I write something in the field labeled "Bank or brokerage". For now I'm just writing "no 1099-B received" for this case. 

[ThomasM125]

If you didn't receive a form 1099-B, then you should enter the name of the company that sent you the investment sales proceeds. As a practical matter, the name will not appear on your tax return, so it is not of critical importance.

@MichaelFF 

[Rose77]

I am having a similar problem as "MichaelFF". In my case, I need to writeoff a worthless private stock I bought so I did not receive a 1099-B. It looks like the latest online version no longer asks if you received a 1099-B. I typed the information in myself and click continue which then takes me to the summary of my investments, but then it shows up as a 1099-B on Turbotax along with the investment accounts for which I DID receive a 1099-B (even though I did not get a 1099-B for this worthless stock) so my concern is that Turbotax will be reporting it as a 1099-B when I did not get one and then will the IRS take issue with it because it is listed as a 1099-B and they will not have received one either since I did not receive one. Thanks for the help!

[PattiF]

You would enter all of the information as though you did have a 1099-B with worthless as the description and December 31, 2021 as date sold.

When entering the information, be sure to select that you did not receive a 1099-B form

You can deduct worthless stock only in the tax year it becomes completely worthless. This normally happens when the corporation files for bankruptcy, stops doing business, and has no assets. Financial difficulties won't make a company's stock worthless unless there's no hope that the company will pull through.

Enter a worthless stock like any stock sale but with a sales price of zero and the word worthless in its description. Enter the correct cost or basis, date acquired, and December 31 as the date sold.

[Rose77]

Thank you PattiF!!! That helps a lot!! I had missed the part that says "Long term did not receive 1099-B form", so now I know to look for it...

[PattiF]

You're welcome!

[ameek]

Hi Patti! I'm curious, if I don't have a 1099-B, can I go ahead and report the cost-basis in the initial questionnaire or do I need to put that as $0 and then calculate it as adjusted cost-basis? Thanks

[PattiF]

You would enter the cost basis in the initial questionnaire.

[leesorensen]

In  search under Form 1099-b I could not find the Jump To item referred to in the instructions

[GeorgeM777]

Not sure if you have already tried this, but in order to get the jump to link for 1099-B, you need to be in your return.  For example, in TurboTax online, you have to select Income & Expenses or Deductions & Credits.  After selecting either of those, you can then effect the search.

However, if you cannot get the jump to link, to enter your securities transactions, and if you are using TurboTax online, 

1. go to the Income & Expense section, 
2. then scroll down the page to Investment Income, and 
3. click on the drop-down arrow to reveal all the options.  
4. Select Stocks, Cryptocurrency, Mutual Funds...

You may have already seen the page "Let's import your tax info."  At the bottom of that page is the "I'll type it myself" button.  Click on that button and enter your information.

In TurboTax desktop you will,

1.  go to Wages & Income under Federal Taxes.  
2. At the page "How do you want to enter your income?" select "I'll choose what to work on."  
3. Scroll down to Investment Income, and 
4. select Stocks, Mutual Funds, Bonds.  
5. Answer the questions accordingly, but when you get to the page where you have the option to upload your documents, select the option to "Ill type it in myself."  Then enter your information. 

@leesorensen