1099-B (Cash Certificate)

[TaxConfusedin23]

I have a cash account with my broker that I was using as a Savings account.  I withdrew cash on two separate occasions.  I received a 1099-B because, according to my broker, the cash was held in a cash ultra-short liquid certificate.  The reported loss/gains are $0 so my broker is telling me that I should not see any tax consequences from the movement of that cash.  I'm just not certain how I should proceed.  TurboTax wants to know about the sale of investments in order to properly complete the 8949 form and I don't know what to say here because I didn't sell anything.

[Bsch4477]

The 1099-B should have an amount under proceeds. 

[TaxConfusedin23]

Hi, thank you for responding.

There is an amount under proceeds, which are the amounts of my cash withdrawals from this account.  The money in the account is not the result of anything I sold.  The brokerage firm opened the account as way for me to use it like an emergency fund/long term savings account.  I deposited cash into the account and I withdrew money when I needed it.  To me this is nothing more than a savings account.  

I can't even simulate adding the data from the 1099-B form because I get stuck on any part where I'm asked about how I obtained this money from the sale of something (e.g., mutual funds, RSU, property, etc..). 

[MonikaK1 · Accepted solution]

Check with the brokerage if you are uncertain as to exactly what the proceeds on your Form 1099-B represent. If any part represented interest, dividends, or proceeds from the sale of an investment, there could be taxable income involved.

If they are strictly a return of after-tax cash held by the firm, you could report the Form 1099-B and enter the same amount of the proceeds as your basis in the distribution.

See this TurboTax tips article for more information about proceeds from Forms 1099-B.

[TaxConfusedin23]

Thank you all for your responses.  TurboTax is simplifying it too much with the "what did you sell" statements so the system could accurately complete the form.  I added the most basic information and then added all 1099-B boxes word for word.  I then went and checked the filing form and it seemed to represent accurately and because there were no loss/gains, I didn't notice any changes to my refund amount.  I definitely appreciate TurboTax for the simplification, but since the available use cases didn't specifically apply to me it just confused me a bit.  Tax returns are distressing enough, for me at least.  Thanks again!!