Issue with 1099-B line

Forum|Forum|7 years ago
June 3, 2019
1 reply
7 views

I have uploaded the infor from Merrill Lynch and there is a blank box. it is telling me I have to enter something there but on my ML 1099-B it states not report to IRS - Form 8949. What do I do?

TurboTax Premier Online

Anonymous

Brokerage statements will not always report the cost basis and/or sales category, even if the information is available right on the 1099-B. The IRS is receiving the 1099-B information from the broker, but is relying on you to report the correct cost basis and category.

For unreported cost basis:

Make a reasonable estimate, based on old trade confirmations or historical prices from a source such as www.finance.yahoo.com

For unreported sales category:

If you held the security less than one year, use code C (short-term, not reported)

If you held the security more than one year, use code F (long-term, not reported)