How to change uncovered losses to covered losses

[SN70]

I sold some old holdings which were not reported to the IRS. The sales incurred losses. If I enter the proper info manually under sales I see no option other than clicking on LT unreported to IRS option if I'm to be honest

[fanfare]

You have to tell TurboTax you did not get a 1099-B. your transction is marked Box F.

If you sold items at a loss and you  are using F8949 

Loss on Personal Items is not deductible so you have to enter an adjustment to cancel the loss,
the adjustment is in Col g. the adjustment code (Col f) is "L"

Description: "personal items"

Gain on Personal Items is a taxable gain.

you can also adjust for expenses of sale.adjustment code is "E" or "LE".

The proceeds subtotals should add up to your 1099-K

====

See IRS website for another way to report those sales.

[SN70]

I did get a 1099-B on the sales, but it wasn't reported to the IRS. Therefore I can't forward the loss

[fanfare]

If you got a 1099-B, the IRS got a copy, unless it was prepared by an individual who did not know the procedure.

[fanfare]

TurboTax supports correcting the basis on a non-covered transaction. There is no reason to report  the wrong Box Category.

[SN70]

My mistake. It all imported from Fidelity as a 1099,  but it didn't count as a carry forward loss as some of the loss occurred before it was required to track cost basis

[fanfare · Accepted solution]

IRS says:

"For non-covered securities ( BOX B or E) showing zero (wrong) basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g)."

TurboTax will do this if you ask it to.

--

Sorry some how I misread your original post.

@SN70 

[SN70]

4 hours of conversation with multiple turbo tax people got me no where while attempting to do just that.  Very frustrating!

[fanfare]

I don't have the current software so I can't give you the exact steps.

It's part of the  EDIT/UPDATE or "type it in myself" dialog.

@SN70 

[SN70]

Thanks for your help. I tried the 'enter manually' method (not import), but because the 1099 was reported to the IRS by Fidelity, I didn't want over ride the way the 1099 was written. TT has a drop down menu where the options are basically to repeat just what the 1099 said. IE:  'LT gains not reported to the IRS'...even though they are reported, but just not covered to add to my carry forward loss for 2025

[fanfare]

I tried this myself in an earlier version of TurboTax. That's why I said you can do it according to the IRS instructions.

You are using the current version of TurboTax.

Obviously, TurboTax support doesn't know how to do it. how hard can it be, unless the capability is removed

Your Box B,E gains/losses are treated the same as the otner Boxes.

@SN70 

[fanfare]

See this post from EXPERT dated ‎03-30-2025 12:31 PM
at
https://ttlc.intuit.com/community/taxes/discussion/importing-1099-b-fidelity-rsu-only-transactions/0...

[SN70]

Thanks. I entered manually.  Done