Hi, I am stuck with Turbotax reporting my 1099-B section: "UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS..." No cost basis

[vm111]

The full 1099-B section name:
UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS [Ordinary gains or losses are identified in the Additional information column] (Line 5)
Report on Form 8949, Part I with Box B checked or Part II with Box E checked. Basis is NOT provided to the IRS. (Line 12)
“Date acquired,” “Cost or other basis,” "Accrued market discount," "Wash sale loss disallowed" and “Gain or loss (-)” are NOT reported to the IRS.

The section table has sell date column, "0" in quantity column, proceeds, date acquired as "N/A" , nothing in "cost basis" column, values like "Principal payment ,Cost Basis Factor: 0.xxxxxxxxx"  in the "Additional information" column

[vm111]

The 1099-B form was imported from TD Ameritrade.  

[luciusira]

I have the same problem.... in the Undetermined Term section it shows entries as positive numbers and says Principal payment and a cost basis factor.... and in the Fees and Espenses section, the same numbers but shown as a negative number and says Gross proceeds investment expense.    If  I don't find an answer, the amount is fairly small ($250), so I may just show the proceeds and forget the expenses.

[DawnC]

The error message means the holding period and basis are unknown to the broker.   You have to determine the date acquired and the basis from your own records.  Then you report the sale as either short-term or long-term, depending on how long you owed the asset.  If you owned it for one year or less, it is short-term.  If you owned it more than a year, it is long-term. 

Help with finding cost basis

Help with holding period

@luciusira - Yes, if you are unable to locate the basis, you can use $0 basis (this will generate max tax).

[luciusira]

Yes, I was able to enter the acquisition date and enter the sales expense and left the cost basis blank.   The return matches the gain shown on the 1099B.

[LH2017]

The issue I'm having is that these are quarterly principal payments and it lists 4 separate principal payments for the same 100 shares.   TurboTax is asking for a date acquired and cost basis for each date "sold or disposed" but I still own this.  The cost basis is not indicated on the 1099-B, although I can look it up.  If I do enter cost basis, it looks like I'm claiming a loss of an amount equal to the cost minus the principal payment.  

So do I enter the total cost basis for each transaction even though it is not indicated on the 1099-B?  Does it matter that it is for the same 100 shares for each transaction and calculates it as a loss even though I still own the shares?

[anncharles]

Please guide me in entering my 1099 B for 133.91 (Security) that is for SPDR Gold ETF purchased in 2023. I know it is short term but I'm. not sure how to enter it.  Also, I know what it was purchased for but it seems that there should be an easy way to come up the basis.  i need your help, please....Bette

[JamesG1]

Perhaps your basis may be determined from your investment records.  If not, the basis may be $0.

In TurboTax Online Premium, enter an investment by following these steps:             

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & Income.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. 
• Under Sales section select Short-term basis not reported to IRS (noncovered) or Short-term did not receive 1099-B form, whichever applies.
• Click Continue.
• Repeat as necessary by clicking  Add another sales total.  Click Continue.

@anncharles