1099 B PROCEEDS FROM BROKER TRANSACTIONS

[Paolooch]

Our investment portfolio included two CDs, which matured.  Assume they were each $1,000.  The proceeds ($2,000) went to purchase mutual funds.  The interest was reported on form 1099-INT.  NON CVRD SEC (Box 5) for both transactions was checked.  The QUANTITY (Box 1a) and NET COST (Box 1e) for both transactions were the same value.  BASIS RPTD TO IRS (Box 12) for both transactions was NOT checked.  In the TTax software section for this, under "What type of investment did you sell?",  "Sales info (Boxes 1a - 1e)" only displayed  Stock, Mutual fund, index fund or ETF, Bond, or Options.  The On Demand Guidance says "Your investment type may belong in another section of your tax return."  Am I correct in thinking I should completely skip the 1099 B reporting?  If not, I can't find any way to continue in this part of TTax Deluxe.

Thanks

TH666

[baldietax]

Just use Bond for CDs.  It’s not reported to IRS it’s just something TurboTax uses to drive the interview flow for options etc.

you should match the proceeds reported on 1099B in your filing.

I don’t know why your broker is showing them as non covered tho.  You should use the detailed entry not the summary or it may trigger a need to send more details to IRS.

[Paolooch]

Thanks.  I'll see if that will let me muddle through