1099-b with 8949(X)

Forum|Forum|1 year ago
March 1, 2025
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The company I have buying stock from over the past 7 years. I work for this corporation and buy shares though the employee stock program from my paycheck each month. SO, i have made purchases over the last 7 years, once a month. The company had a SALE OF RIGHTS ENTITLEMENT and gave 3$ per share to each holder. I have about 400 shares.

I received a 1099-b with an X under Applicable check box on Form 8949. The 1099-B lists, 1a amount of shares, 1c date sold, 1d proceeds, 4 federal income tax withheld (0$) and 5 check if noncovered security marked (X), state tax withheld 0$.

What is missing is my date acquired (various over the last 7 years, every month), box 1e cost or other basis and box 2 type of gain or loss. thus, giving me an error on this document in turbo tax.

How do I fill out my 1099-b and do I fill out an 8949 as well?

Please help

JamesG1

Level 15

Are you saying that the cost basis for the 400 shares reported on the IRS form 1099-B was solely the shares purchased through your payroll? Or was there an additional payment? Please clarify.

If the cost basis for the 400 shares was only the payments made through your payroll, you may be able to determine the amount that you paid by viewing the final paystub at the end of each year.

The dates purchased were 'Various' and you may be reporting a short-term portion and a long-term portion.

Short-term gains or losses come from the sale of investments owned one year or less.
Long-term gains or losses come from the sale of investments held more than one year.

To enter the form manually In TurboTax Premium Online, follow these steps:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click the down arrow to the right of Investments and Savings.
Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
Click Add investments.
On the Let's import your tax info screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
At the screen Which bank or brokerage, enter the information. Click Continue.

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heywallAuthor

Level 2

I buy the stocks through my employer, they use a different site i can see all my purchases, with dates and prices.

The issue is, I did not sell stock. So I still hold all of my shares. There was a sale of rights (company trying to fundraise more money) but this company is based out of the UK so I was not legally able to buy more shares as part of the rights.

I was paid out 3.50$ per stock I held. 400x 3.50$ is what was paid out and listed on my 1099-b. But I did not buy or sell any stocks to earn this payout. I still have all my stocks and this cash entitlement from the broker. They will not help with any information, I called and asked. they simply say this was a cash entitlement and was not due to buying or selling any shares.

Turbo tax wants me to enter in all my purchase dates and sale price for my entire 400 shares, like i would have to do when i sell my shares. but that is not the case. these shares are worth 50-60$. If i do this, my sold price looks like 3.50$ per share, which would end up looking like a huge loss of my investment.

JamesG1

Level 15

You would not report the sale of the entire 400 shares. The IRS form 1099-B sells the stock rights and not the shares themselves since you still have the shares.

I assume that the stock rights have an issue date and the sale of the rights was short term and not long term.

You were given the rights?

Your cost basis in the rights would be $0 or some allocation of your cost basis for the 400 actual stock shares over