How to handle altabba(AABA) cash distribution in turbo tax?

[Tauepsilon1920]

My liquidation amount was listed in Box 9 of 1099-Div instead of on a 1099B.  Do I still need to go through the no 1099b to capture the zero basis?  Thank you! 

[Hal_Al]

Q.  Do I still need to go through the no 1099b to capture the zero basis? 

"Capture the zero basis?"  I'm not sure what you're asking anymore.  I assumed you had previously received total box 9 (1099-Div) distributions, that reduced  your cost basis to zero.  That means any additional box 9 distributions are now taxable (as capital gains).  TurboTax (TT) does not pick up that income from you entering the 1099-Div. Box 9 is treated by TT as non-taxable.  It's up to you to know if it's taxable.  You enter it as an investment sale, with $0 basis.

[rutt]

I understand that If I haven't recovered my basis, there's no income to be reported, but the amount of the liquidating distribution, which is non 099-DIV is reported to IRS. Won't IRS be looking for that?

[Hal_Al]

Q. The amount of the liquidating distribution, which is on 1099-DIV, is reported to IRS. Won't IRS be looking for that?

A. No. The IRS is not scrutinizing  boxes  3, 9 & 10 of the 1099-DIV.

[TaxNoob18]

@rutt 

I did not recover my basis on the first 2 cash distributions (2019 and 2020). I didn't report anything other than the cash liquidation distribution amount (1099 DIV). My 2019/2020 return was accepted. So I guess they weren't looking for it.

[richardvint]

On what tax form do I enter my captil gains?  I have recovered my investment

[VolvoGirl]

@richardvint   You don't enter capital gains, you enter the actual sales and your cost.  Turbo Tax calculates your Gain or Loss.  What do you mean you recovered your investments?  Did you sell them? What did you sell?  Was it with a broker or fund company?

You should get a 1099B for sales.  It will go on Schedule D.  Enter a 1099 B under
Federal Taxes on left or Personal (Home & Business)
Wages & Income
Then scroll down to Investments and Savings
Then Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) - click Start
Then click Add Investments at the bottom
Next screen hit Continue

Then don't enter or pick a bank, at bottom click on Enter a Different Way
Then pick box Stocks, Bonds, Mutual Funds - then Continue
Enter the bank or broker
Answer some general questions and Continue
Then Continue a couple more screens and you finally get to the 1099B entry screen.