topic Proceeds from Broker Transactions in Get your taxes done using TurboTax

Proceeds from Broker Transactions

Homebrewer57 — Fri, 26 Jun 2020 16:26:47 GMT

I am working on "Proceeds from Broker and Barter Exchange Transactions", and my brokers 1099 Consolidated Statement. I have entered 1) Short Term - Covered Securities, 2) Short Term - Noncovered Securities, 3) Long Term - Covered Securities, and 4) Long Term - Noncovered Securities, but I also have 5) Noncovered Securities with Undertermined Holding Period. How do I enter this category? My 1099 says "Consider Box 5 (Noncovered Security) as being checked and Box 12 (Basis Reported to IRS) as not being checked for this section. These transactions should be reported on Form 8949 Part I or Part II with box C or E checked."

Can you tell me how to enter this category in Turbotax?

Thank you,

Homebrewer57

Re: Proceeds from Broker Transactions

GiseleD — Fri, 26 Jun 2020 17:08:57 GMT

It looks like your 1099 has given you everything you need to make this entry with the exception of the holding period. You need to determine whether this was short-term or long-term. If you owned them for at least one year plus one day, they are long term. If not, they are short-term.

Re: Proceeds from Broker Transactions

Homebrewer57 — Fri, 26 Jun 2020 17:40:10 GMT

Thank you GiseleD for your prompt reply. So I would input them as Noncovered Securities with either short term or long term - how do I complete Form 8949?

Thank you for your help - this is my 3rd year of using Turbotax, and it has worked very well, but it seems I get briefly stuck somewhere every year!

Regards,

Homebrewer57

Re: Proceeds from Broker Transactions

GiseleD — Fri, 26 Jun 2020 18:29:09 GMT

My pleasure! If the broker is telling you to report them as noncovered, that's the way to go.

If they are short-term, you will check Box C in Part I. If they are long-term, you will check Box E in Part II.

Here is a PDF of the 8949.