1099

[JohnW152]

To enter your Form 1099-R information in TurboTax Business:

1. With TurboTax Business open, select Federal Taxes in the banner.

2. Below that, select Income.

3. Select Start to the right of Other income or loss.

4. Enter your 1099-R information on the Other Income screen.  

These fields can be used for the ordinary income portion of a Form 1099-R distribution.

@EstateReturn

[judyharvard]

Do I need to do a Schedule D to report proceeds of a Stock sale for $5.42.  I did not initiate the sale, the Broker did not initiate the sale, it was the result of a reverse split of GE stock.

[judyharvard]

Do I need to report proceeds of a sale of stock for less than $10?  I received a 1099-B for proceeds of $5.42.  I did not initiate the sale, the Broker did not initiate the sale, it was the result of a reverse split of GE stock.

[FangxiaL]

You should report the 1099-B transactions as they were reported to you whether you initiated it or not. That's what I did with my own transactions when there were reverse splits. 

@judyharvard

[judyharvard]

Thank you

[Scuda]

I sold land in a subdivision thati purchased for resale.  Received a 1099-S at the closing.  I lost money on the transaction and where to I enter it in my taxes, form???

[PattiF]

There is no place to directly add a 1099-S because of the nature of the form which is used to report a variety of transactions.

Follow these instructions to report the land sale. Choose between TurboTax Online or TurboTax CD/Download.

Because these types of sales are considered investment sales, you need to enter this info in the investment section of TurboTax. Select the product you’re using for the right instructions.

Note: To report the sale of a second home, an inherited home, or land, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.

TurboTax Online

TurboTax CD/Download

@Scuda

[CTL-mo]

I discovered I've been doing 1099-B wrong.  I don't understand how to determine the long term loss or gain - not familiar with the terms.  Where do I find the instructions for correcting this?  I also did it wrong for 2020.  How do I get this fixed? 

[GeorgeM777]

A short-term transaction involves the sale of a security held for one year or less.  A long-term sale involves a security held for more than one year, i.e. one year plus one day.  You determine whether a sale is short-term or long-term by looking at your purchase date and comparing that to the sale date.  

Because long-term capital gain rates are more tax friendly than short-term rates, you may want to check your 2020 return and if you reported sales as short-term that should have been reported as long-term, then you will probably want to amend your tax return.  

If you used TurboTax online for tax year 2020, sign back into your TurboTax account, and from the Tax Home screen, scroll down to the lower part of the screen, select 2020, then select Amend (change) return and follow the on-screen instructions. 

Here is a link to an IRS webpage that discusses capital gains, and short-term and long-term transactions.  You may find this informative.

Topic No. 409 Capital Gains and Losses

@CTL-mo