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Level 3
posted Apr 13, 2024 5:56:49 PM

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

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).

0 4 11370
4 Replies
Level 15
Apr 13, 2024 6:16:10 PM

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

 

Level 3
Apr 13, 2024 6:27:30 PM

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 D:  Form(s) 8949 are created automatically based on Schedule D input".

Expert Alumni
Apr 14, 2024 8:14:59 AM

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.

@cerega 

Level 3
Apr 14, 2024 9:32:39 AM

Thank you for the detailed response.  I'm using Deluxe, not Premium. I can follow your directions up to the point where I click on Stocks, Bonds, Mutual funds.  At that point I get the message: Hmm, looks like we've hit a snag.  We recommend you revisit the last topic you were working on to make sure your information is correct. At that point, I click OK and get taken back to the Wages & Income page. That's when I use the Forms method. If I'm using Step by Step, I get that message when I click on Stocks, Bonds, Mutual funds.  The other thing is that you mentioned Do you have more than three sales. Maybe that's just in Premium, but I do have more than three.  If that's a limitation of the Deluxe version, then the error message ought to tell me that, not just tell me that something went wrong. 

 

For now, I've given up and am entering the information myself into the Sales Price worksheet and the Cost worksheet.