How do I enter the information for Box 5 of Form 1099-B?

[TomYoung · Accepted solution]

"How do I enter the information for Box 5 of Form 1099-B? "

The literal answer is "you don't", at least if you're asking where is that Box 5 checkbox in the TurboTax "Stocks, Mutual Funds, Bonds, Other" interview.

The way you "signal" to TurboTax that there's a checkmark in Box 5 of the official 1099-B is you select the correct "sales category" from the drop down list of sales categories that's on TurboTax's 1099-B input form.

So you'd either select sales category B if the holding period of the security is short term (a year or less) and select sales category E if the holding period of the security is long term (over 1 year).

Tom Young

[DianeW]

@TomYoung Thank you for the additional information.

[DianeW]

Transactions involving assets purchased and held prior to the effective dates can still be reported as they have been in the past, meaning that brokers may not provide detailed cost basis reporting to the IRS on the sales of "non-covered" securities. They may decide to report only your gross proceeds.

In tax year 2011, new legislation was passed requiring brokers to report adjusted basis and whether any gain or loss on a sale is classified as short-term or long-term from the sale of "covered securities" on Form 1099-B. Prior to this time frame, it was hit or miss to get this level of detail from investment firms.  Covered just distinguishes the investments that must include this detail from those that do not, noncovered.  An investment is considered covered if it is:

• Shares of corporate stock acquired on or after January 1, 2011.

• Shares of stock in mutual funds and stock acquired in connection with a dividend reinvestment plan are generally not covered unless acquired after January 1, 2012. 

• Certain other types of securities (e.g., debt instruments and options) will be covered if acquired after January 1, 2014.

"Non-covered" securities are any securities purchased or acquired before  the above effective dates. For these situations, it is your responsibility to report the proper cost basis on non-covered securities to the IRS. If you do not have this information, you can still seek help from your broker, but it may be a little more difficult than getting information for covered securities.

• Where do I enter Form 1099-B?
  

[Sweet-Pea86]

Thank you Diane, but once I receive the information, how do I enter in Turbo Tax?

[DianeW]

@Sweet Pea86 When you are ready you can use this link to enter your sale:  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2899523-where-do-i-enter-a-1099-b">https://ttlc.intuit.com/questio...>

[maryvcataluna]

My issue was completely unresolved after waiting an hour!  Totally incompetent representative Leshia and her supervisor Lyndsie J.  I have used turbotax for family and friends for over 20 years and doubt I will again.

case number [phone number removed] as the Support ID

I request a call back by a MANAGER after 7pm tomorrow at [phone number removed].

[HeatherPLO]

We are unable to schedule callbacks on this public forum.  If you need further assistance, please reach out to us directly using the Help Article here.  This ensures you will get to the correct department as quickly as possible.  You can request a supervisor when calling in.  

@maryvcataluna