My 1099B has a section called Noncovered Securities with Undetermined Holding periods. There is no Date acquired or cost basis on these tiny little amounts. What do I do?

[brendan-wag]

It's probably a dividend for an ETF I own but the system doesn't like when I don't answer. Please Help!

[JohnnyComeLately]

Hello, you don't specify the asset type of the investment, but perhaps this will be useful to you...

https://ttlc.intuit.com/community/taxes/discussion/re-gld-gold-trust-etf-tax-reporting-my-understand...

[ThomasM125]

You need to report the sale proceeds as investment sales. If you can determine the cost basis you can enter that, or enter $0 if you aren't concerned about it, as it may be minimal. For the dates, you need to pick an acquisition date that will either give you a long-term holding period (over one year) or short-term (one year or less). Again, if the amounts are minimal you can choose a short-term period if you want to be conservative, as that would likely give a less favorable tax treatment. Otherwise, you may have to ask the broker for help determining an accurate cost basis and acquisition date.

[boldamerican56]

Hi,  I have a 1099 from E*Trade that includes one transaction under the "Noncovered Securities with Undetermined Holding Period" category. It has the correct "proceeds" amount and "date sold" but does NOT have the "date acquired" or "Cost or Other Basis".  This transaction involved an ETF that issues a K-1 (and I have that as well). It is a publicly traded partnership (PTP).

I am not certain how to handle in TurboTax. Do I change the blanks for the date acquired and "cost basis" to the actual numbers?  I do know them and they are documented under my E*Trade portfolio transaction history.

Do I need to manually complete a form 8949 for just that transaction and mail to the IRS? Is this required whether I edit the transaction history in TurboTax or not?

[JamesG1]

You are able to report the IRS form 1099-B transaction by completing the blank entries with the correct information from your investment records.

If you enter the complete transaction, you should not have to mail information to the IRS.

In TurboTax Desktop Premier, an IRS form 1099-B entry may be entered by following these steps: 

• Across the top of the screen, click Federal Taxes.
• Across the top of the screen, click Wages & Income.
• Click I'll choose what I work on.
• Scroll down to Investments and Savings and click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• At the screen Let's finish pulling in your investment income, click Add investments.
• At the screen Let Us Enter Your Bank and Brokerage Tax Documents, click Skip import.
• At the screen OK, let’s start with one investment type, select Stocks, Bonds, Mutual Funds.  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 your XXX 1099-B, enter sales information.  Click Continue.
• At the screen Let us know if any of these situations apply to this sale, report as necessary.
• At the screen Review your XXXX sale, repeat as necessary by clicking Add another sale.  Click Continue.