topic 1099-B import from Chase in Get your taxes done using TurboTax

1099-B import from Chase

joesmie — Thu, 11 Mar 2021 02:53:52 GMT

After importing a 1099-B from Chase, each transaction is missing 'sale category' information.

Re: 1099-B import from Chase

HelenC12 — Thu, 11 Mar 2021 14:46:08 GMT

There may have been a problem downloading the original 1099-B. For additional information see the following link: Information regarding Chase Bank 1099-B downloads

If your original 1099-B form from Chase doesn't have the sale category information, that may be why it's missing on your imported 1099-B forms. You can manually enter the sale category.

The Sale Category is determined by two factors:

Basis reported (Covered) or Basis Not Reported (Non-Covered)
Holding period (Long-term or Short-term)

You can use the Box Descriptions below to figure out your Sale Category.

For example, if your stock basis is reported to the IRS on the Form 1099-B, and the stock's holding period was longer than one year, you would select box D as your sales category - a long-term sale with the cost basis reported to the IRS.

Box A - Short-term Covered - Short-terms sales with cost basis reported to the IRS
Box B - Short-term Noncovered - Short-term sales with cost basis NOT reported to the IRS
Box C - Short-term Not reported - Short-term sales not reported to the IRS
Box D - Long-term Covered - Long-term sales with cost basis reported to the IRS
Box E - Long-term Noncovered - Long-term sales with cost basis NOT reported to the IRS
Box F - Long-term Not reported - Long-term sales not reported to the IRS
Box X - Holding period and cost basis NOT reported to the IRS. Source: Rachel_W

Note: Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

[Edited 3-11-2021|6:45 AM PST]

Re: 1099-B import from Chase

joesmie — Thu, 11 Mar 2021 16:55:43 GMT

Thank you for the response.

The original (pdf version) of the 1099-B organizes the transactions into tables, and each table includes a heading which specifies whether Box A or Box D is checked. The 'On Demand Tax Guidance' feature within TurboTax indicates that this is a common format. So I believe that yes, the original 1099-B does include the sale category information.

Re: 1099-B import from Chase

SeguCanj — Sun, 14 Mar 2021 08:59:47 GMT

I have the same problem. If I click "Show relevant form" within TurboTax I see the column "8949 Box" correctly populated with A or D, but in the interview-style page the "Sale category" drop-down is red and blank.

I hope TurboTax will fix their synchronization of this data! It will be very tedious to manually set this field for all 133 sales in the form.

Re: 1099-B import from Chase

turtle77 — Mon, 15 Mar 2021 22:27:55 GMT

I am importing from a different source, and have same problem that 1099 import is not picking up long/short category. But I checked the1099 worksheet, and it does have all that info in it -- long, short, wash sale. But interactive form has a blank for category, wants you to fill it in for lots and lots of transactions. The 8949 info inside the 1099 worksheet also has that info; why doesn't it use it? Wants you to separate out all the wash sales, separate the long sales from the short sales, and add them up -- it could just do that! I don't remember having this issue last year.

Re: 1099-B import from Chase

LinaJ2020 — Thu, 18 Mar 2021 03:05:23 GMT

If import does not go smooth, I will suggest to manually enter info. If there are too many transactions, try to sum up between long term and short term. You might still be able to e-file. Here are the steps:

In TurboTax online,

Sign into your account, select Pick up where you left off
At the right upper corner, in the search box, type in 1099b and Enter
Select Jump to 1099b
Follow prompts
On-screen, "Let's import your tax info, select I'll type it myself
Follow prompts to continue

A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions. The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held. The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.

Re: 1099-B import from Chase

SeguCanj — Wed, 24 Mar 2021 08:40:39 GMT

Look like it is fixed in the latest update. When I revisit the 1099-B interview, I am no longer prompted to make required edits, and the "Sale category" is now correctly pre-filled for every entry.