Long term transactions for which basis is not reported to the IRS

Forum|Forum|2 years ago
April 14, 2024
1 reply
4 views

On form 1099-B, I have a section for long term transactions for which basis is not reported to the IRS. The instructions say to report on Form 8949 with box E checked and/or Schedule D, Part II. When I try to report the transactions on Schedule D, a box opens to add form 8949, but it says Form(s) 8949 are created automatically based on Schedule D input, and it doesn't add the form. When I try to add form 8949 directly, I get the same message. Do I need to override Schedule D Part II line 9 so I can enter the information? They are all straightforward sales transactions (nothing in columns 1f or 1g, for example).

Mike9241

Level 15

if you're entering the transactions manually, there is a line that says "sales section" for each LT sale for which basis not reported to the IRS use the drop-down that has the word "uncovered". if you imported them that should have been part of the import and should appear in the long-tem section of form 8949 for type E transactions

ceregaAuthor

Level 3

I'm entering the information manually, but I don't see the section you're referring to - is that on schedule D? If it's on form 8949, I can't get a copy of that form to open because it wants me to enter the data on schedule 😧 Form(s) 8949 are created automatically based on Schedule D input".

JamesG1

Level 15

In TurboTax Online Premium, enter an investment by following these steps:

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & Income.
Scroll down to Investments and Savings and click the down arrow to the right.
Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click Add investments.
At the screen Let's import your tax info, click Enter a different way.
Click on Stock, Bonds, Mutual funds. Click Continue.
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 Look for your sales on your 1099-B, click Continue.
At the screen Now enter one sale on this 1099-B, enter information.
Under Sales section, select Long-term basis not reported to IRS (uncovered).
Click Continue.