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?

[PatCS]

I noticed that when I entered the CD using the method starting with Other ( as opposed to Stock), the 8949 had box C ( short term) or  F ( longterm) checked indicating that the "transaction was not reported to me on a 1099B" instead of  B(short term) or E (long term) which means "... transactions reported on 1099B showing basis was not reported to the IRS."

When I chose to enter the CD as a Stock, the correct boxes on 8949 were selected.

I do have the premium version and had the option to select "other" on the drop down following the initial selection.  These seems to be the most correct and advised method for entering a CD.

For those who do not have "other" on their drop down after stock, how significant is that check-box?  I'm guessing not much. :). However I do vote that  the TurboTax team should include CDs on the deluxe version for the user's simplicity.

[DaveF1006]

It depends. Not having "other" does not significantly alter the reporting on the redemption of the CD's. Reporting it like a stock and bond sale will produce the same result although, technically, a CD is different from a stock and bond. The premium version is designed for users that have investment sales thus reports investment sales more accurately than the Deluxe version, which have limited reporting capabilities for investment sales or redemptions.

[SFrenz]

I agree that having that option for Deluxe would be much simpler. But if you look at the form view of Form 8949 - there is nothing that lists whether the item was a stock, bond or CD. I believe that box is really just for Turbo Tax to make sure to offer possible boxes you may need depending on the type of sale. It seems the other option is to just enter the summary total of each section of your 1099-B in Turbo Tax and then submit the 8949 by mail with Form 8453 or submit your statement instead of the 8949 with Form 8453.

[FreshHell]

The whole point of investing in TurboTax is to simplify the tax reporting process. If users have to visit this page to learn that it’s not a big deal to report a CD as a stock in TT, then TT is selling a defective product, period. I shouldn’t have to waste an hour of my life trying to figure this out. Someone suggested using H&R, and I might just do that next year.