You enter the Form 1099-B in the Investment Income section of the program. On the screen to enter the sale information there is a Sale Category where in the dropdown you can select the X code. To enter an investment sale from a brokerage account (1099-B), follow the steps below.Click on Federal Taxes (Personal using Home and Business)Click on Wages and Income (Personal Income using Home and Business)Click on I'll choose what I work on (if shown)Under Investment IncomeOn Stocks, Mutual Funds, Bonds, Other, click the start or update buttonOr enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

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12Bobbie

Level 1

Question

I HAVE A 1009-B THAT HAS INFORMATION FOR BOX 5: NON-COVERED SECURITIES-CODE X (unknown Holding Period). my question is : where does that information get reported?

Forum|Forum|5 years ago
June 14, 2020
1 reply
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TurboTax Premier Online

DoninGA

Level 15

You enter the Form 1099-B in the Investment Income section of the program. On the screen to enter the sale information there is a Sale Category where in the dropdown you can select the X code.

To enter an investment sale from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

jwyser

Level 2

When I click the code type drop down, there is no choice for Code X. Not sure how to enter the Box 5 info now...

SusanY1

Level 15

The code X means that the holding period is not known by the brokerage firm, but you must select a holding period to report on the tax return.

Typically, when it's not known by the brokerage firm and the security is non-covered it indicates it's a holding that was in the account prior to the rules that required firms to track basis. Therefore, "Unknown" for holding period is almost always going to be long-term.

In the drop-down box, indicate long-term, non-covered for the type of security.

@jwyser

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