1099 B

[tanniaortega]

First time I see 1099 B on Federal tax form.    All of the info was uploaded unto the site however there is this field that I just dont know what to enter.

Tittle 

How did you receive this investment?

Now, I dont do any of the trades myself.  The bank brokers do everything for me so I am not sure what am I to do.  Safe to assume I need to enter I purchased it considering I never made trades myself.  Just want to make the right entries.  Someone help.  I dont know what I need to enter since this isnt found/reported on the 1099 B form 

[RaifH]

Yes, you want to enter I purchased it.

Even if a financial advisor or a broker actually decided what items to buy and sell, for tax purposes, it is still treated as though you were the one making the purchase. 

[tanniaortega]

What should be entered under

What type of investment did you sell?  

Would mutual fund, index fund or ETF be the correct option to choose under that.  Since it was all purchased by the bank?

[JillS56]

To enter a 1099-B go to:

1. The Federal Taxes tab (or Personal, if working in TurboTax Self-Employed/Home & Business),
2. Then select Wages & Income,
3. Then Investment Income, 
4. Then Stocks, Mutual Funds, Bonds, Other.  Follow the prompts to enter the 1099-B information.  This will require an upgrade to TurboTax Premier online, since a Schedule D will be prepared.

Match your entries with the box numbers.   Under Sales you are going to choose either short term or long term.  Short term is anything you owned for less than a year and long term is anything you owed for more than a year.

You will need to know the:

1. Type of Sale:   Most likely it is a Stock Sale
2. Description:     (Box 1a)  Name of the Stock Sold 
3. Acquisition Date (Box 1b) (if it says various - click on the box that says something other than a date
4. Sale Date (Box 1c)
5. Sale Price  (Box 1d)
6. Cost Basis  (Box 1e)

   These should all be identified on the 1099-B

[tanniaortega]

I have a section on 1099 form and I can not located whether it was a short term or long term transaction. It has it has unknown term gains or losses on gross proceed.

There is also an N/A, no dollar amount on box 3 (Cost or Other basis. Not sure where to take it from there.

[ThomasM125]

You will have to do some research to determine what the cost of the security was when you acquired it. You can go online and look up the cost of the shares on or around the date you purchased them and multiply the shares you sold by the cost per share around the time your purchased them to determine their cost basis on date of sale.

[karim3]

Hello,

I have 1,583 transactions in my 1099-B (1099 Composite). Turbo tax is asking me to fill out the "How did you receive this investment?" question for every single one of them individually. The answer to all of them is "I purchased it". Do I have to enter in every single one of them individually, or is there a way to bulk edit all of them? It will take all day to do it. Or, is it even necessary for me to enter them all? Can I ignore it?

Best,
Karim

[FangxiaL]

You can enter the summaries sections (short term covered/noncovered and long term covered/non-covered) and attach a pdf copy of the 1099-B form. You don't have to enter each sales transaction individually. 

@karim3

[karim3]

Thank you so much for your super-fast reply! I'll let you know if I have any questions about it.

Best,
Karim