Stock Sales

Forum|Forum|3 years ago
April 10, 2023
1 reply
3 views

We sold stock that was reported on a 1099-B. When entered into the turbo tax program the funds are categorized as regular income instead as capitol gains which they should be. How do I correctly enter the information on the 1099-B so the funds are treated as capitol gains?

JulieS

Level 15

If your capital gains are short term, they are still taxed at your ordinary income rate. Only gains form the sale of assets held more than one year are treated as long term capital gains.

This is where to enter 1099-B in TurboTax:

Select Federal, then Wages & Income.
Scroll down and look for Investments and Savings.
Expand the section and click on Start or Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
Click +Add investments at the bottom of the summary.
Follow the steps to import your 1099-B, or scroll to the bottom and select Enter a different way.
Select Stocks, Bonds, Mutual Funds, click Continue.
Fill in your information from the 1099-B

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rmf54Author

Level 2

Thanks, I have entered the information as you advise. The sale was categorized as "D": Long term covered. I would think this would then identify the funds as capital gains?