1099 B from an insurance demutualization papyment

[chris110962]

I received a 1099B from Southern Farm Bureau but boxes 1b and1e are blank. Box 5 is also checked as non-covered security. I am assuming these are payment on shares I received for my membership interest. What do I put in boxes 1b - Date acquired, and 1e - cost or other basis. Also, for the Sale Category breakdown do I put: short term covered, short term non-covered, long term covered, long term non-covered, long term not reported, or unknown holding period?

[MarilynG1]

You can choose 'Various' for Date Acquired and $0 for Cost Basis. 

Since your 1099-B indicates 'non-covered', you could choose 'Long Term Non-Covered'.

Click this link for more information on 1099-B for Insurance Company Shares that may help you. 

[huckses]

I also got a 1099B from this demutualization. I had already completed the INCOME section of TurboTax, so now I need to revisit it to enter this income. What income category should I choose?

[MayaD]

To report your 1099B:

1. Log in to your account.
2. Go to Federal Taxes. 
3. Go to Wages and Income.
4. Go to Investment Income and click show more.
5. Select Stocks, Mutual Funds, Bonds, Other and click revisit.
6. Answer Yes to the question if you received a 1099B.
7. Continue until you get to the screen Now we'll walk you through entering the info on your 1099-B. 
8. In the second box Select I received it from a demutualization of a life insurance company.

[acbolt]

I just read your response to the prior question.  When I enter various for the date acquired, and I run the smart check it tells me that date is invalid.  i also tried entering a date one year prior to the barter date and several others and it always comes back invalid.  Any idea how to fix this.  My transaction was the demutualization of Colorado Farm Bureau.  Thanks

[huckses]

The information I got from the Farm Bureau Help Desk was to enter the date June 27, 2013 and the Basis as zero.

My own question is more basic: Which of TurboTax's Income Categories should this be entered under?

[MayaD]

You should report it under the Investment income. 

1. Go to Federal Taxes. 
2. Go to Wages and Income.
3. Go to Investment Income and click show more.
4. Select Stocks, Mutual Funds, Bonds, Other and click revisit.
5. Answer Yes to the question if you received a 1099B.
6. Continue until you get to the screen Now we'll walk you through entering the info on your 1099-B. 
7. In the second box Select I received it from a demutualization of a life insurance company.