I am having trouble finding the codes that I am supposed to use on the Form 1099-B. I received our 1099-B from National Financial Services and it is very hard to understand. I also want to be able to report the losses properly.
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Form 1099-B reports an investment sale so the important things to enter are the date purchased, date sold, proceeds and cost basis. If you post the code letters you see on the form we may be able to help your further.
here are the codes but they should be on the 1099-B - maybe not by each trade but possibly at the start of each section
A = short-term trade with sales proceeds and cost basis reported to the IRS
B = short-term trade with sales proceeds but not cost basis reported to the IRS
C = short-term trade with neither sales proceeds nor cost basis reported to the IRS
D = same as A but for long-term trades
E = same as B but for long-term trades
F = same as C but for long-term trades
Thank you for your answer. I still do not see which codes to use per Form 8949. I also need to report a loss and a wash? If I try to report a loss Turbo Tax Premier requires a code from Form 8949, "A" is not even listed as a code. I am really confused. Thank you for your time.
Thank you for your reply. Those codes are not the ones that Turbo Tax Premier is looking for.
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