topic I sold QSB stock that is subject to sec. 1202 partial exclusion of gain but turbo tax won’t ask me the questions to enter it as such and I am stuck with a 100% gain. in Get your taxes done using TurboTax

I sold QSB stock that is subject to sec. 1202 partial exclusion of gain but turbo tax won’t ask me the questions to enter it as such and I am stuck with a 100% gain.

rjdean — Mon, 03 Feb 2020 22:50:14 GMT

How can I get turbo tax to ask me the right questions so I can enter the stock sale?

Re: I sold QSB stock that is subject to sec. 1202 partial exclusion of gain but turbo tax won’t a...

ColeenD3 — Mon, 03 Feb 2020 23:24:45 GMT

Here's how to enter a Qualified small business stock exclusion (Section 1202):

Although the below steps involve editing an existing stock sale entry, you may do well to delete the sale and start fresh.

With your return open, search for 1099-B (upper- or lower case, with or without the dash) in your program's search box.
Click the Jump to 1099-B link in the search results.
On the Did you sell any investments? screen, answer Yes.
If you land on the Summary of All Accounts screen instead, click Edit
“If you have additional info about this sale, you can enter it on your own, or we can guide you.”, Select Guide me step-by-step (See the attached screenshot below. Click to enlarge.)
Click My sale involves one of these uncommon situations. (See the attached screenshot below. Click to enlarge.)
On Choose the type of investment you sold, choose "Stock" (See the attached screenshot below. Click to enlarge.)
Review Some Basic Info About this Sale, Click Continue
Click through several screens
On "Do Any Special Situations Apply to This Sale?", select "Small business stock" click Continue (See the attached screenshot below. Click to enlarge.)
On "What Kind of Small Business Stock?" select the appropriate section 1202 type, click Continue
Continue through the interview

Re: I sold QSB stock that is subject to sec. 1202 partial exclusion of gain but turbo tax won’t a...

401kDeferral — Sun, 23 Feb 2020 19:13:19 GMT

The screen after selecting "Small Business Stock" does not lead to the workflow to select the QSBS type. Can you provide more info on what is wrong with this feature?

Re: I sold QSB stock that is subject to sec. 1202 partial exclusion of gain but turbo tax won’t a...

ColeenD3 — Sun, 23 Feb 2020 20:50:07 GMT

Please see this LINK for more information.