1099-B Broker Proceeds

[Jonathan1]

Received my 1099-B from Morgan Stanley today. 

I have proceeds summarized by "Short Term Covered Securities", by "Long Term Covered Securities", by "Long Term non Covered Securities" and "Non Covered Securities with Undetermined Holding period".  

On TT Deluxe is it best practice to enter the proceeds one category at a time.  That is, by the sections I identified above?  Also, in the the section "non-covered securities with undetermined holding period" I had proceeds of 15 cents - do I need to enter that somewhere?

[JulieS · Accepted solution]

Yes, you need to enter the transactions by category, either as summary transactions, or as individual transactions. 

The categories you mention are letter coded and each transaction you enter must have a sales category selected for it.

• Box A - short-term covered  
• Box B - short-term non-covered 
• Box C - short-term, no 1099-B received 
• Box D - long-term covered
• Box E - long-term non-covered
• Box F - long-term, no 1099-B received 

Any amount of $.49 or less rounds down to $0. You should still enter the transaction if you have a basis of at least $.50 to take the loss. If the basis is also $0, you don't need to enter it. 

For more on how to enter stock transactions and other sales in TurboTax, click here. 

[Jonathan1]

Awesome and clear response.  Thank you so much!