My 1099-B shows the redemption of a CD. How do I report it?

[arbogastf]

How do I report the redemption of the CD shown on my 1099-B

[AmyC]

Follow these steps:

1. Under investments, select 1099-B. 
2. For the type of investment, choose Other
3. If the program asks if this was covered or noncovered, select covered. It shouldn't under Other.
4. Enter dates bought and redeemed (sold). 
5. Proceeds will be the face value of the CD
6. Basis - what you paid
7. The final calculation of capital gain is usually zero. 

In addition, you should have a 1099-INT for the interest to be reported.

[kajo3]

The answer you posted was to choose "other" but that doesn't show up in the list as a choice, what do I do

[DawnC]

What are your choices?  I am not sure where you are in the process or whether you are using the desktop version or TurboTax  Online.  This link has instructions for both.   Where do I enter or import a 1099-B?

[kajo3]

The choices I have are    Stock

                                            Mutual funds, index fund, for ETF

                                            Bonds

                                            Option

[baldietax]

just use Bond for a CD.  this is not reported to IRS it's just something Turbotax is using to be clever with entry fields mainly for options.

[MelindaS1]

From the (+) Add investments screen, choose Stocks, Bonds, and Mutual Funds for income reported on Form 1099-B then follow the prompts. On the screen Tell us about the sales on your [bank] 1099-B, answer the question Do these sales include any other type of investments? with Yes. This will then give you the option of selecting "Other" from the dropdown selector "What type of investment did you sell?" on the sales entry screen. After the dropdown, enter the box 1a description of the CD as it appears on your 1099-B.