1099 B

Forum|Forum|5 years ago
April 12, 2021
1 reply
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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

Level 15

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).

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Mtrgbe34Author

Level 2

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

Level 15

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.

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