1099 B

[Mtrgbe34]

My 1099 B has listed Covered Short Term Gains/Loses Covered Long Term Gains/Losses Turbo Tax only has a drop down list for one of these how to I include both listing? Thanks

[JohnB5677]

When entering the 1099-B there are six selections under sale category.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 1a, or on Form 8949 with box A checked with totals being carried to Schedule D (Form 1040), line 1b.

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box B checked with totals being carried to Schedule D (Form 1040), line 2.

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 8a, or on Form 8949 with box D checked with totals being carried to Schedule D (Form 1040), line 8b.

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box E checked, with totals being carried to Schedule D (Form 1040), line 9.

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

[Mtrgbe34]

I have stock sales with no cost basis reported the the IRS or on the 1099B. How do I find a cost basis for these shares and enter it into Turbo Tax?  

Thanks

[DMarkM1]

Your options are check your past records for the cost and/or contact your broker to assist in determining the cost.  You may need to remember when you purchased and search historical prices to determine your cost.    

Ultimately you are responsible for tracking your cost basis so be sure once you find/determine it this time keep it safe and accessible for future reference. 

[Mtrgbe34]

Hi Thanks for your reply. I am making progress on finding past statements to record cost basis. These records are from an online brokerage firm that used to have the holdings. So I have 13 years of dividend re investment which gives me purchase date, price and commission paid. How can I enter this into turbo tax do I summarize, f so how  Or do I enter it line by line? 

Thanks,

[ColeenD3]

Add the reinvestment amounts together and make one entry.

[Mtrgbe34]

Hi, Thanks for your reply.

So I received a 1099 from one broker with 210 shares of LT uncovered sales. I have downloaded a transaction  summary from the previous broker with 13 years of cost basis activity and I have entered 70 individual cost basis purchases to best account for the the cost basis.  My questions is that  my 70 entries are not related to the 1099 B I received but it is the back documentation to account for the cost basis of the 210 shares so I do I enter cost basis details that are not sent to the IRS on a 1099B? Thanks

[ColeenD3]

Can you clarify what you mean by back documentation? All you need to do is enter the basis. You do not explain on the return how you came up with the amount.