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Level 12

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

@Josh_14 

 

Your post really isn't clear but I'm assuming that you are attempting to report the sale of QSBS, stock that you acquired from the vesting of RSUs.

 

There is no "Income Tax Return Reporting Requirement" that you use the RSU "guided" interview to report the sale of stock acquired via RSUs.  The stock you sold is plain-vanilla "stock" that's no different in any way from a stock you bought through your broker so don't use the RSU "guided" interview, use the regular 1099-B entry interview.  You will not encounter the "QSBS?" question using the RSU interview.

 

Simply tell TurboTax you "purchased" the stock at the date of vesting and at a per share basis that's the same as the per share "fair market value" your employer used to calculate the compensation created by the vesting.

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Level 1

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

Thanks @TomYoung ..

 

Edit: I've been working with 3 people from Intuit on solving this problem. I managed to get to a screen where it asks me what kind of stock was sold where I can specify small business stock, but it never gets to the screen where it asks me what kind of small business stock was sold. I was on the phone with a CPA from Intuit for an hour today who will call me back tomorrow hopefully with the answer.

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Returning Member

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

Thanks!

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New Member

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

@Josh_14 - any solution from Intuit on this? Experiencing the same issue.

 

Thanks!

 

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Level 12

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

@tmhuff 

 

Josh_14's situation, as best I could make out, was that he was selling small business stock that he acquired due to the vesting of  RSUs, and was using the RSU "guided" interview, but was never asked about the "small business" aspect of the stock.

 

As I pointed out, the RSU guided interview simply doesn't ask that question.  My solution was to not use the RSU guided interview - there's no "Income Tax Reporting Requirement" to use that interview - and instead fill out the 1099-B exactly as it reads, click the "Guide me step by step" button, select the "uncommon situations" option, tell TurboTax you sold "Stock", tell TurboTax you "bought" the stock, enter the correct cost basis of the stock sold, (which isn't the $0 reported by the broker), and then you'll be asked if the stock you sold was small business stock.

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Level 1

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

@TomYoung @tmhuff As Tom said, my solution was to report a private sale of stock, not following the corporate/company/employee stock sale guide, and then the key was to have TurboTax guide you through the cost basis. That was the key for me was having it figure out cost basis, then it will ask if it is QSBS and when it was acquired.

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New Member

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

I have self-employed version and trying to place a Section 1202 QSBS 1099-B in but the UNCOMMON SITUTATION does show up in the software anywhere. I get the tax break but software doesnt show. Why cant I see those screens?

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New Member

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

OMG - THANK YOU!!!!!

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Level 1

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

@roberto1962did you get it figured out?

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Returning Member

I sold Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. There was no 1099-B for this sale. Where do I report this?

So what you are telling me is that if the QSB proceeds were reported on a K-1, I have to lie to TurboTax and say that it is from a 1099B form?