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Level 2
posted Feb 19, 2021 7:10:07 AM

What to do with $0.57 capital loss not reported on 1099-B

Received my year-end report from my brokerage, and I see that there is a $0.57 long-term realized loss resulting from a stock merger.  There is a notation next to the item saying that this is not reported on 1099-B, but that I should report this on Form 8949, Part II, with Box F check.  

 

My question is: do I really have to report this $0.57 loss?  It's not reported on my form 1099-B, and seems nonsensical for me to have to file an extra form (8949) just to report $0.57 in capital loss.  

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1 Replies
Level 10
Feb 19, 2021 8:15:06 AM

Don't worry about the forms. TT will fill out all the needed forms for you.

 

What you should do is to enter the data.

 

  1. In TurboTax, search for 1099-B and then select the Jump to link in the search results.
  2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
    1. If you see Here's the info we have for these investment sales, select Add More Sales
  3. You'll be asked if you sold any investments. Answer yes.
  4. You'll be asked if you got a 1099-B. Answer no.
  5. You'll be asked if you want to enter one sale at a time or summary. Choose "one at a time."
  6. Then enter the details for the loss. (Proceeds zero, basis .57) and choose box F. Answer the remaining questions (generally no entries).

TT will do the rest for you.

 

On the other hand if you ignore it you'll probably be ok because the IRS doesn't have the info and it is a loss (so reporting it is in your favor) and it is < $1.  But why not do it right because it is so easy to do.