Proceeds from Broker Transactions

[Homebrewer57]

I am working on "Proceeds from Broker and Barter Exchange Transactions", and my brokers 1099 Consolidated Statement.  I have entered 1) Short Term - Covered Securities, 2) Short Term - Noncovered Securities, 3) Long Term - Covered Securities, and 4) Long Term - Noncovered Securities, but I also have 5) Noncovered Securities with Undertermined Holding Period.  How do I enter this category?  My 1099 says "Consider Box 5 (Noncovered Security) as being checked and Box 12 (Basis Reported to IRS) as not being checked for this section.  These transactions should be reported on Form 8949 Part I or Part II with box C or E checked."

Can you tell me how to enter this category in Turbotax?

Thank you,

Homebrewer57

[GiseleD]

It looks like your 1099 has given you everything you need to make this entry with the exception of the holding period. You need to determine whether this was short-term or long-term. If you owned them for at least one year plus one day, they are long term. If not, they are short-term. 

[Homebrewer57]

Thank you GiseleD for your prompt reply.  So I would input them as Noncovered Securities with either short term or long term - how do I complete Form 8949?  

Thank you for your help - this is my 3rd year of using Turbotax, and it has worked very well, but it seems I get briefly stuck somewhere every year!

Regards,

Homebrewer57 

[GiseleD · Accepted solution]

My pleasure! If the broker is telling you to report them as noncovered, that's the way to go.

If they are short-term, you will check Box C in Part I. If they are long-term, you will check Box E in Part II.

Here is a PDF of the 8949.