How to report foreign capital gain/loss with NO 1099 form filed to IRS?

[holapi]

Hi,

I have foreign brokerage account, with capital gain/loss. I received an “unofficial 1099-B” form from the foreign broker, but it specifically says that the form is unofficial and is not filed with IRS. How do I report short term and long term capital loss using TurboTax? 

I tried to enter the capital loss as if I received the 1099-B form, but it would trigger TurboTax to fill out schedule D’s boxes 1a and 8a, instead of boxes 2 and 9. Also, it would not generate form 8949. Is there any way to correct what I’ve entered? (I tried go to schedule D form view and make manual change, but that did not work.) Alternatively, please advise how I can enter the capital loss info from scratch so that the amounts appear in boxes 2 and 9 of schedule D and would generate form 8949.

I use TurboTax Deluxe CD version.

Thanks in advance for your help!

Best regards,

Shirley

[DianeC958 · Accepted solution]

To enter the information go to

• Wages & Income
• Investment Income
• Stocks, Mutual Funds, Bonds, Other

When the program asks if you received a 1099-B form, you answer No.  Then next page gives you the option to report Stock.  Pick this option and fill in your information.

Guide to Schedule D: Capital Gains and Losses

[holapi]

Thank you so much DianeC958!

I followed your instructions, and I was able to get Form 8949 generated. However, I noticed that in Schedule D, the information I entered appeared in boxes 3 and 10 (that is, it shows that these transactions were not reported to me on Form 1099-B) rather than in boxes 2 and 9 (that is, these transactions were reported on form 1099-B showing basis wasn’t reported to IRS). 

How can I enter the info so that it appears in boxes 2 and 9 in schedule D?

Thanks again for your help! I really appreciate it.

[KarenJ2]

You would need to indicate that it was reported on a 1099-B.

[holapi]

Thank you KarenJ2!

I tried to enter the capital loss as if I received the 1099-B form, but it would trigger TurboTax to fill out schedule D’s boxes 1a and 8a, instead of boxes 2 and 9. Also, it would not generate form 8949. 
How can I make TurboTax fill out boxes 2 and 9 of schedule D, and generate form 8949, if I choose that I received 1099-B? Also, how/where can I tell TurboTax that this 1099-B wasn’t filed with IRS?

 Thank you again!

[DavidD66]

You should not indicate that the transactions were reported on Form 1099-B, if they were not.

[holapi]

Thank you DavidD66.

Frankly, I’m not sure if what I received is considered 1099-B or not. It is marked on the form that it is unofficial, that it is for information only, and it is not filed with IRS. Are you suggesting that I should just treat it as if I did not receive 1099-B?

[JohnB5677]

You should start in the same place as the 1099-B.

1. Answer NO to did you get a 1099-B
2. Select the item that was sold (Probably Stocks)
3. Post the description, shares, date sold, Proceeds and if there were taxes withheld.
4. How did you acquire the stock
5. At the bottom of page, how many times did you make purchases?
6. Enter Purchase date
7. Continue through the questions

[holapi]

Thank you JohnB5677!

I did try your instruction, but I noticed that the information I entered appeared in boxes 3 and 10 of schedule D (that is, it shows that these transactions were not reported to me on Form 1099-B) rather than in boxes 2 and 9 (that is, these transactions were reported on form 1099-B but wasn’t reported to IRS). 

How can I enter the info so that it appears in boxes 2 and 9 in schedule D?

Thanks again for your help! I really appreciate it.

[JohnB5677]

You cannot because Box C and F indicate that these transactions were not reported to the IRS.  Which is correct.  That is why they are posted to lines 3 and 10.

Lines 2 and 9 are from Boxes B and E which is reported to the IRS, but not sure what the basis is.

So based on your condition, the schedule D is posted correctly.

[holapi]

I see. Thank you for the clarification JohnB5677!

[Ethan2022]

Hello,

I selected 

• Wages & Income
• Investment Income
• Stocks, Mutual Funds, Bonds, Other

The program didn't ask me whether I have a 1099-B form. And asked to send a copy of 1099-B form although it is a stock loss from a foreign brokerage account.

Is there anything wrong with my operations?

Thanks.

[PattiF]

Here are instructions to enter the information without a 1099-B

You don't have a 1099-B, but you will enter it as though you do.

1. Click on the Wages & Income tab
2. Next click on I'll choose what I work on
3. Scroll down the screen until you come to Investment Income
4. Choose Stocks, Mutual Funds, Bonds, Other and select Start or Update
5. The first screen will ask if you sold any investments during the year, answer yes
6. Did you get a 1099-B or a brokerage statement for these sales? Answer No
7. Tell us about this sale, Click I'll enter one sale at a time
8. The drop-down boxes can be filled out with the details of the sale

The example below shows Land as the sale, use the pull down menu for choose your sale item.

@Ethan2022