I have a 1099 B for the redemption of two CD's, how do I report them and what Type do i list in the sales info section i.e. stock, bond, mutual or other?

[GiseleD]

Here's where you enter your 1099-B in TurboTax:

1. Open (continue) your return if it isn't already open.
2. In TurboTax, 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 2019? If you see Here's the info we have for these investment sales, select Add More Sales.
4. Answer Yes to Did you get a 1099-B or brokerage statement for these sales?
5. At Let's get your tax info, choose type it in yourself.
6. Follow the instructions.

You can categorize them as CD redemptions, or just use whatever verbiage is on your 1099-B. 

[TomYoung]

It's not really clear what you are referring to when you say "the sales info section i.e. stock, bond, mutual or other?"  Presumably you have a 1099-B with all the necessary information you need printed on it and unless you dip down into the "guided" interviews, which you don't need to do, TurboTax doesn't ask that question.

The 1099-B interview page has a box labeled "Description" and, presumably, the 1099-B has that information.  I'd think it would be along the lines of "Bank of XYZ 12-Month CD" or some such.

[briandavis46]

This doesn't work in the 2023 version of turbotax. I don't find any way to manually enter the type of sale to be a CD redemption. No matter how I approach it, the only choices I am given are those in the drop down menu when you go to edit the transaction.

[JamesG1]

Are you referring to the drop down menu here under Sales Info when reviewing your 1099-B entries from your investment service?

If so, the selection of Stock (non employee) will allow you to report the Certificate of Deposit redemption.

@briandavis46   [Edited 02/15/23 | 7:32 am PST]

[briandavis46]

Not all of my CD redemptions are a net zero transaction. Some of my $10,000 CDs are shown with an acquisition price of $9,997.50 and a redemption price of $10,000.00. Yes, I left them as "Stock" transactions from the drop down menu. It wasn't a logical choice but no more wrong than the other possible entries. Is leaving it as "Stock" going to be worrisome to the IRS?

[DianeW777]

No, they will accept the income and I wouldn't be concerned about changing it.  As long as you have all the income reported for your gain you are all set.

@briandavis46 

[DevEdwards]

Is there somewhere that I can type in that it was a CD Redemption?

[MonikaK1]

When you enter your 1099-B in TurboTax, you can choose "Other" from the drop-down menu where it asks "What type of investment did you sell?"; then, in the Description box, you can indicate that you redeemed a CD.

See this article for more information on Forms 1099-B from TurboTax.

[briandavis46]

So, who is right, DianeW777 or MonikaK1. In the dropdown menu in TT 2023, "Other" is not a choice. The only choices are (1) Stock (non-employee); (2) Cryptocurrency; (3) Mutual fund, index fund, or ETF, (4) Bond, or (5) options. There is no "Other" which would take you to a manual input. So, even though a CD redemption is not a "Stock (non-employee)" that is the way I have left the entry (on DianeW777's advice). If there is a secret way to access an "Other" option, I would like to know the way there.

[DianeW777]

As indicated previously, you can be confident of your entry, regardless of what you selected, as long as the proper gain/loss is correct.  However if you want to select 'Other' you may have to delete the entry you have and create a new one.  The information next will show the selection both in TurboTax Desktop and TurboTax Online.

TurboTax Desktop:

• Search (upper right) > type 1099b > Click the Jump to... link
• Answer Yes and select 'Other' on the next screen > Continue and finish your entry

TurboTax Online:

• Search (upper right) > type 1099b > Click the Jump to... link
• Select Add Investments > Scroll to select 'Enter a different way' > Select 'Other' as the type of investment > Continue to enter your sale.

TurboTax Desktop Image:

TurboTax Online:

[MrsMR2]

We are using Turbo Tax Deluxe for 2023 return. My husband and I also have CD redemption on a 1099B.  What do you suggest for us on how to input the CD. I just read what DianeW777 had replied about Other. We don't have that option on the Deluxe version. This is very frustrating as we don't want to cause problems with our tax return. Turbo tax seems to always be making updates. Can't someone from Turbot Tax go into the program and add Other to the drop down? Thank you for your help.

[MonikaK1]

The Deluxe edition of TurboTax only handles limited types of investment income. Upgrading to Premier provides those additional options shown in the screenshot shared by @DianeW777.

If you decide to upgrade your Desktop product, click Help from the top black menu bar and then Upgrade TurboTax.

See this help article for more information.

[atlucas001]

That makes no sense. The "OTHER" isn't being reported on a 1099-S. It is being reported on a 1099-B.

If the DELUXE version can't handle a simple CD transaction, what good is it?
This is a DEFECT in TurboTax Deluxe 2024. There needs to be a way to enter a CD being reported on a 1099-B.

If I enter it as a "stock" transaction, how do I know that turbotax is actually handling the 8949?

This needs to be fixed in TurboTax Deluxe.

I am not going to throw money away on premier just to find out that the 1099-S option isn't the correct way to enter this.

FIX IT.

[belovedprep]

This response and everyone saying "other" didn't answer his question. Thank you for the image b/c we now know what you mean, but why would we be using that other and the "1099-s" when those of us with CDs get 1099-B forms. That should be an option in the "what type of investment did you sell" I use turbo tax every year and this is the first year I have felt like throwing my computer b/c the initial responses just saying "other" when that wasn't even an option and then now having us go to a completely different section even though we have 1099-B forms makes no sense.