When inputting into Turbo Tax for a 1099-B, Turbo Tax asks: "Select the information type you see in Box 1b." When I look at my 1099-B, specifically Box 1b, it is blank. How do I relay that in Turbo Tax as the Turbo Tax Drop Down Menu does not work. The Drop Down Menu is supposed to toggle to blank or Various, HOWEVER, if I toggle to "blank" and complete that portion of my return, Turbo Tax runs up a red flag saying "blank" isn't an option. So what do I do? Thx
The drop-down is working correctly. You cannot leave the acquisition date blank on your tax return. The fact that it's blank on your 1099-B means that the brokerage doesn't know the date. You have to supply the date from your own records. The exact date isn't critical as long as you correctly determine whether the sale is short-term or long-term. If you don't know the date, you can select Various, but you can't leave it blank.
If you inherited the investment, you answered an earlier question incorrectly.
So if Box 1b is empty on my 1099-B and I am aware of the date of acquisition, should I ignore "Various," on the pull down menu, and just type in the date of acquisition (basically pretending that the 1099-B, Box 1b has the date of the acquisition in it?) (if not, where should I enter the date of acquisition???) Thx for your assistance.