Unclaimed property income is entered by using the steps shown below.
Sign into your TurboTax account and follow the steps outlined here.
I have this exact situation as well. So according to this answer, we don't enter it as a 1099-B. Is that correct?
I have this exact situation as well. So according to this answer, we don't enter it as a 1099-B. Is that correct?
I have this exact situation as well. So according to this answer, we don't enter it as a 1099-B. Is that correct?
I'm going to attempt it now. I guess this is the way to do it, despite the fact that there is a system in place to put in 1099-Bs?
@thornbrian You can also enter it through the 1099B if you choose. If you don't have a purchase price enter zero, you can use "various" as the purchase date if you don't know the actual date, then select the category of long term could be selected based on the length of time it takes for unclaimed property to reach the point of you collecting. This would give it a more favorable tax treatment if you believe you have all the necessary records.
I used the method @TurboTaxDianeW first suggested and it was easy. For my situation, I had no chance of finding any documentation about the cost basis or purchase date, after all these years. thanks!
Since the 1099B form on Turbo tax does not match the boxes on the form received it is going to cause a problem not reporting the income in the system as a 1099B? I don't care about paying taxes on the full amount because it is so old I have no way of figuring cost basis but I am concerned that what was sent to the IRS is not going to match what I enter or how I enter it. the 1099B from state only has a box 1a and 1b and a box 2 - my income is in box 2 on this form - help please
@deanamw23 Report it using the 1099B so that you get the capital gain treatment on it. Use various as the date acquired, zero purchase price and Sales Category is long term. This will give the best tax result for the unclaimed property.
I have the exact same situation, how to report using 1099-B, if boxes are not matching?
Why are you trying to pay any tax?
Is my unclaimed property taxable? Will I need to report it on my tax returns?Maybe it’s all interest? I know they sent a 1099 so I would assume it’s reportable but again it’s on a B - not a DIV or MISC. I tried calling the IRS but when I finally got a live person I was transferred to a line that was not accepting calls. So annoying
Did you read the paragraph? a 1099-INT is a separate tax document. I don't know why you think you have a 1099-B but the fact that the fields don't match TurboTAX is telling. In any case, don't even try to enter it.