TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Solved

Box 1b and 1e on form 1099-B have "unknown"...Turbo tax won't allow unknown as a choice. what can I do?

Forum|Forum|4 years ago
February 16, 2022
9 replies
114 views

No text available

TurboTax Self Employed Online

Best answer by JohnB5677

This is a critical point. If you do not have a basis recorded on a sale, the entire amount (100%) of the selling price (Proceeds) will be taxed. This will be the case even if you had a loss on a stock.

If the investment representative can not come up with ALL of the basis data, it would be worthwhile for you to gather it the best you can. Document how you went about gathering the data, and that will be your documentation if the IRS were to question it.

Level 15

If you don't have the basis amount, or have no way to find it, the basis defaults to zero.

hippler49Author

Level 2

Thank You for the information. I have contacted my investment representative and he has told me to expect a new 1099-B with something other than unknown in Box 1b and 1e! So I am waiting to see!

JohnB5677Answer

Level 15

This is a critical point. If you do not have a basis recorded on a sale, the entire amount (100%) of the selling price (Proceeds) will be taxed. This will be the case even if you had a loss on a stock.

If the investment representative can not come up with ALL of the basis data, it would be worthwhile for you to gather it the best you can. Document how you went about gathering the data, and that will be your documentation if the IRS were to question it.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

hippler49Author

Level 2

I contacted my investment representative and he was able to get a revised 1099-b that had actual figures instead of "unknown"