1099-b Entry

Forum|Forum|4 years ago
March 14, 2022
3 replies
5 views

The 1099-b only has info in box 1a and box 5, all else is blank, how do I enter this in turbo tax?

JillS56

Level 10

If you only have information in Box 1a and Box 5, you will have to get the information for the other boxes. You will need to have the acquisition date and the date of the sale. What Box 5 means is an SEC designation under which the cost basis of securities that are small and of limited scope may not be reported to the IRS. The adjusted cost basis of non-covered securities is only reported to the taxpayer, and not the IRS.

You will need to know your cost basis otherwise you will be paying tax on the amount of the proceeds.

You might want to contact your broker to see if they can provide you with the missing information.

KimE2Author

Level 2

What if these are inherited stocks?

DawnC

Level 15

The cost basis of inherited stock is generally the market price of the stock on the date that the benefactor died. In rare cases, the executor of the estate will make a special election to treat the stock differently. Check with the executor to be sure.

Related Information:

How do I find a stock's cost basis if I don't know when it was purchased?

How do I find a stock's cost basis?

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