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ryano_111
Returning Member

Entering a loss on a 1099-b it keeps telling me to review it

i put some money into an account to be traded with using algos
it didnt go well made them stop and took a loss  the 1099-b they sent me only has numbers in box 8 , 9 and 11  when i enter this in turbotax it only asks for box 1d and 1e so i selected i need to adjust my total cost basis and put the loss amount or box 11 in that field  
example ($-3000 )  but it keeps asking me to review what am i doing wrong
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4 Replies
FangxiaL
Expert Alumni

Entering a loss on a 1099-b it keeps telling me to review it

When Form1099-B contains amounts in Boxes 8-11, the statement is from a Regulated Futures Contracts Broker, Foreign Currency Contrat Broker, or Section 1256 Option Contracts Broker. Gain (or Losses) from these transaction types are reported on Form 6781 based on the contract type.

 

 

To enter box 11 amount on Form 1099-B, follow these steps:

With your federal tax return open:

  1. In the search box, type contracts and straddles, hit the Enter key 
  2. Continue to complete the prompts on each screen.
  3. On the screen that says Section 1256 Contracts, enter the losses in the box 11 -  Total Losses 

 

[Edited on 2/12/2022| 2:11 PM, PST]

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ryano_111
Returning Member

Entering a loss on a 1099-b it keeps telling me to review it

Won't that make it a positive number then making it a gain ? 

ryano_111
Returning Member

Entering a loss on a 1099-b it keeps telling me to review it

Does doing this online vs software make. Difference 

You talking the search bar at the top or after I select add investment 

RobertB4444
Expert Alumni

Entering a loss on a 1099-b it keeps telling me to review it

Both the online and desktop software have a search box at the top right.  Enter it there.

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