1099-B import from Chase

[joesmie]

After importing a 1099-B from Chase, each transaction is missing 'sale category' information.

[HelenC12]

@joesmie 

There may have been a problem downloading the original 1099-B.  For additional information see the following link: Information regarding Chase Bank 1099-B downloads

If your original 1099-B form from Chase doesn't have the sale category information, that may be why it's missing on your imported 1099-B forms. You can manually enter the sale category. 

The Sale Category is determined by two factors:

1. Basis reported (Covered) or Basis Not Reported (Non-Covered)
2. Holding period (Long-term or Short-term)

You can use the Box Descriptions below to figure out your Sale Category.

For example, if your stock basis is reported to the IRS on the Form 1099-B, and the stock's holding period was longer than one year, you would select box D as your sales category - a long-term sale with the cost basis reported to the IRS. 

• Box A - Short-term Covered - Short-terms sales with cost basis reported to the IRS
• Box B - Short-term Noncovered -  Short-term sales with cost basis NOT reported to the IRS
• Box C - Short-term Not reported -  Short-term sales not reported to the IRS
• Box D - Long-term  Covered - Long-term sales with cost basis reported to the IRS
• Box E - Long-term Noncovered - Long-term sales with cost basis NOT reported to the IRS
• Box F - Long-term Not reported - Long-term sales not reported to the IRS
• Box X - Holding period and cost basis NOT reported to the IRS. Source: Rachel_W

Note: Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

• You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

[Edited 3-11-2021|6:45 AM PST]

[joesmie]

Thank you for the response.

The original (pdf version) of the 1099-B organizes the transactions into tables, and each table includes a heading which specifies whether Box A or Box D is checked.  The 'On Demand Tax Guidance' feature within TurboTax indicates that this is a common format.  So I believe that yes, the original 1099-B does include the sale category information.

[SeguCanj]

I have the same problem. If I click "Show relevant form" within TurboTax I see the column "8949 Box" correctly populated with A or D, but in the interview-style page the "Sale category" drop-down is red and blank.

I hope TurboTax will fix their synchronization of this data! It will be very tedious to manually set this field for all 133 sales in the form.

[turtle77]

I am importing from a different source, and have same problem that 1099 import is not picking up long/short category.   But I checked the1099 worksheet, and it does have all that info in it -- long, short, wash sale.   But interactive form has a blank for category, wants you to fill it in for lots and lots of transactions.   The 8949 info inside the 1099 worksheet also has that info; why doesn't it use it?   Wants you to separate out all the wash sales, separate the long sales from the short sales, and add them up -- it could just do that!    I don't remember having this issue last year.

[LinaJ2020]

If import does not go smooth, I will suggest to manually enter info.  If there are too many transactions, try to sum up between long term and short term.  You might still be able to e-file.  Here are the steps:

In TurboTax online,

• Sign into your account, select Pick up where you left off
• At the right upper corner, in the search box, type in 1099b and Enter 
• Select Jump to 1099b
• Follow prompts
• On-screen, "Let's import your tax info, select I'll type it myself
• Follow prompts to continue

A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions.  The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held.  The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.  

[SeguCanj]

Look like it is fixed in the latest update. When I revisit the 1099-B interview, I am no longer prompted to make required edits, and the "Sale category" is now correctly pre-filled for every entry.