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klaxxi
Returning Member

how can I report capital gain/loss without 1099-B

How should I report my foreign capital gains/losses? My foreign capital gains/losses won’t have a Form 1099-B. I’m already using the Premium version, and there’s no option to enter this without a 1099-B. If I don’t upload a 1099-B, it forces me to mail documents to the IRS afterward. How can I resolve this?
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3 Replies

how can I report capital gain/loss without 1099-B

TurboTax does not make this easy (almost impossible in interview mode), but in the jump to box type "capital asset sales" - no quotes.. That should open a worksheet where you can enter multiple transactions rather than go round and round for each transaction in interview mode.  

For each transaction, you'll need to check two boxes: "no" 1) basis reported to IRS 2) reported on 1099-B

You must convert foreign currency to US currency if needed.

 

 

 

how can I report capital gain/loss without 1099-B

Since there is no longer a 'jump to' feature in the desktop version, how do I get to this? 

I tried to change the Form 8949 that was auto generated to uncheck  Part I Box B and check Box C instead but it does not allow any changes.

Any suggestions appreciated!

JamesG1
Employee Tax Expert

how can I report capital gain/loss without 1099-B

In TurboTax Desktop Premier, an IRS form 1099-B entry may be entered by following these steps:

 

  • Across the top of the screen, click Federal Taxes.
  • Across the top of the screen, click Wages & Income.
  • Click I'll choose what I work on.
  • Scroll down to Investments and Savings and click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  • At the screen Let's finish pulling in your investment income, click Add investments.
  • At the screen Let Us Enter Your Bank and Brokerage Tax Documents, click Skip import.
  • At the screen OK, let’s start with one investment type, select Stocks, Bonds, Mutual FundsContinue.CC
  • 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 Now enter one sale on your XXX 1099-B, click Continue.
  • Select Short-term did not receive 1099-B form or Long-term did not receive 1099-B form
  • Enter information.  Click Continue.
  • At the screen Let us know if any of these situations apply to this sale, report as necessary.
  • At the screen Review your XXXX sale, repeat as necessary by clicking Add another sale.  Click Continue.

@kck24 

 



 

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