I received a form Long-Term Realized Gain/Loss (not sent to IRS) attached to the 1099-Div, 1099-Misc, 1099-B, 1099-OID, that I received for the sale of a GS USA CD Zero Cpn. It says this is a contingent debt instrument and it shows an amount as Ordinary Loss. I do not itemize on Schedule A I take standard deduction. Where do I enter this loss amount?
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This is entered in the Investment section.
Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities.
Here's where you enter or import your 1099-B in TurboTax:
Form 1099-B is included in TurboTax Premier, TurboTax Live Premier, Self-Employed, and TurboTax Live Self-Employed (online) and in all personal CD/Download versions of TurboTax.
It appears that if you follow these instruction you end up reporting capital loss on your cd sale. Capital loss usually taxed at lower rate than ordinary income, so you will lose some money.
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