Can anyone help with 1099-B from eTrade?

[Hao Xi]

TurboTax shows a $7 long term gain but my 1099-B only contains short term gain.

Also, eTrade's 1099-B contains a section 'Unknown Term Gains' and I am not sure how to deal with it.

[JotikaT2]

You may need to review your input in TurboTax.  The amounts are calculated based upon your input.

You will this information in the federal interview section. 

1. Select Income & Expenses 
2. Scroll down through all income until you see Investment income 
3. Select Stocks, Mutual Funds, Bonds, Other 
4. Select Edit to the right of the applicable sale.  The next page will say Now, we'll enter one sale on your 1099B.
5. On the area titled Sales section, be sure to use the pull down arrow to select short-term gain as reported on your 1099-B. This will ensure your stock sale matches the amounts and classifications as reported on your 1099-B.

As far as the "Unknown Term gains," if these are sales reported on your tax return, E-Trade may not have your purchase date and therefore, does not have enough information to classify them as either short-term or long-term gains. 

You will need to manually look up and enter the purchase dates to ensure the sales are reported accurately. 

Any stocks sold within one year of purchase are considered short-term gains.  Any stocks sold after holding them for one year would be considered long-term sales.

[Hao Xi]

Thank You! Can I ask one more question please?

I confirmed I only have short term gains, but still TurboTax reported $7 long term gain in Line 13, and $1 in Line 19. The amount is very small, but I feel something is wrong with TurboTax. Or maybe I was wrong and I just report as is?

[ThomasM125 · Accepted solution]

That looks like an entry that came from a form 1099-DIV. This form is used mostly to report dividends, but it also reports capital gain distributions from mutual funds, and they would show on line 13 of Schedule D.

[Hao Xi]

Thank You!

[mbattistelli]

I cant find the name etrade to download?