proceeds

[Jpanarella1]

how to report an ETF or CMO like Fed Home Loan MTG Corp CMO that a 1099 is not issued but only reports under the heading of proceeds?  Do I have to report anything less than $10.00?

[JulieS]

Yes, you should report anything more than $1, unless it is in a retirement account. 

Generally, you will get a Form K-1 from an ETF, but if you definitely did not get a tax form from this investment, you can just report the amount of income as other income.

Here is how to enter it as other taxable income:

1. Select Federal on the left side menu.
2. Select Income and Expenses toward upper left.
3. Expand/ scroll down the list and find the section called, Less Common Income.
4. Scroll all the way down and select Miscellaneous Income, 1099-A, 1099-C.
5. Select Other income not already reported on a Form W-2 or Form 1099
6. Answer the first question Yes.
7. Click Continue until you get to the page titled, Any Other Earned Income? Answer Yes and click Continue.
8. Select Other and click Continue.
9. Enter a description and amount on this page, click Continue.