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Level 1
posted Apr 25, 2021 10:06:18 PM

How in TurboTax would I report a "Long-term transaction not reported on Form 1099-B" for Form 8949? I need to report funds from a cash payout when my employer was bought

It's Option F on Form 8949. I had to calculate this amount, as it was not reported in any documents from my bank, broker, etc. It's capital gains from a cash component of the payment we received when my company was acquired. Thanks.

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5 Replies
Level 15
Apr 26, 2021 8:57:15 AM

Start off entering it the same way you would enter a sale of stock. When it asks if you got a 1099-B, click No. On the next screen, where you enter the details of the sale, one of the choices in the drop-down list for holding period will be "Long term (Box F)."

 

Level 1
Apr 27, 2021 5:19:46 PM

Thanks for your help, but I don't seem to be able to find this option on TurboTax online.

 

When I click to report a stock sale, it takes me on the next page to a screen which says "Which bank or brokerage sent you a 1099-B for these sales?"   I don't see any option for anything like "No 1099-B was issued" or similar.  I don't know how to get past this page, and I'm now stuck :( 

Level 15
Apr 27, 2021 6:54:11 PM

I was using the CD/Download software. I see that this part of the interview is different in TurboTax Online. Try the following.


When it asks you what type of investments you sold, select Other.


For the name of the financial institution, enter anything you like to identify it, such as "No broker." What you enter here will not appear on your tax return. It's just for internal use in TurboTax.


Enter the sale details. For the type of investment select Other. Make sure the acquisition date is more than a year before the sale date.


When you get to the "Review your sales" screen, under "Sales section" it will say Box F.

 

Returning Member
Apr 4, 2022 2:36:46 PM

Did you find a way to handle this? I still cannot find a way to report a non 1099-B transaction

Expert Alumni
Apr 8, 2022 11:29:22 AM

If you received cash for your outstanding stock, then you can just report it as you would a regular stock trade.  In TurboTax online, follow these steps:

 

  1. Go to Income & Expenses
  2. scroll down the page to Investment Income,
  3. select Stocks, Cryptocurrency, Mutual Funds....,
  4. select I'll type it myself
  5. enter your information.

If you just received cash, (not cash for stock, just a cash payout), then you can report the cash payout as "other income."  To report this amount as other income, follow these steps:

 

  1. go to Income & Expenses,
  2. scroll down the page to the last item Less Common Income, select Miscellaneous income,
  3. then from the list select Other reportable income. 
  4. you will have to enter the amount you earned plus a short description. 

If you are using TurboTax Online, here are the steps to follow to preview your Form 1040 and see the "other income" amount on line 8:

 

       Open or continue your return by selecting Income & Expenses, or Deductions & Credits.

 

  1. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  2. With the Tax Tools menu open;
  3. Select Tools.
  4. Next, select View Tax Summary in the pop-up.
  5. Then Preview my 1040 in the left menu.
  6. Select Back in the left margin to return to the page where you left off.

@tparekh