I need help with the 1099-B form and the information requested by Turbo Tax.

[JohnB5677]

Please clarify your question.

What are you trying to do?

• Enter the 1099-B manually
  • are there dates missing
  • are you missing your basis
• Download the file
  • are you missing an account number
  • other details for the download
• is there another issue?

[Dizzy2 · Accepted solution]

Hi, 

Thanks for your reply.   

Many years ago I inherited some stock and just re-invested the dividends.  I  do have the cost basis for that time.    In July 2021, the company did a reverse stock split of common stock and I ended up with a fraction of a stock, which was not acceptable.   I received a check for $34.05 which is listed as cash liquidation on the 1099-B form.  

So, I can answer the  turbotax questions of name of company date sold, gross proceeds.  How should I answer date acquired-- inherited?  or the actual date?    I assume that it's long term since I've had the stock since1993, but is it covered since I can provide  the cost basis?  I left the less common adjustment questions  blank.  

I appreciate any help you can provide.    Thank you.

[ThomasM125 · Accepted solution]

The date acquired would be the date you took ownership of the stock. It would only be covered if the form 1099-B reported the correct cost basis.

[Dizzy2]

Thank you!!

[ksmithgma]

I dont know if i need to enter this info.  it rasied my taxable income

[JohnW152]

If you're required to file a tax return and you have a gain based on the scenario described on this page, you need to report this income.

Please see the TurboTax Help article Do I need to file a federal return this year? for more information.

If your fact scenario is different, please provide more information.

@ksmithgma