1099-B

Forum|Forum|3 years ago
January 25, 2023
1 reply
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Having a challenge entering 1099-B info. 1a = "Property is shares - 0005401.58" A box 5 is X'd "If checked, noncovered security. TT does not ask or show a box 5 question. TT will not allow me to proceed because box 1e regarding cost or basis is blank. I can send to a JPEG pic of my 1099-B to a TT Expert if that is allowd.

Ask the Experts - Tax Law Changes - Jan 2023

DaveF1006

Level 15

To clarify, did you enter information in the sales section in your program? There is a drop-down in the sales section in your program where you make the selection that it is either a long/short term non-covered security if you are using Turbo Tax Online. Here is a picture on what this would look like. Please let us know if you are using the online version or the software.

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JuanmoreAuthor

Level 2

Using TT Delux software on PC. I pulled down and selected"Unknown term basis not reported to the IRS". This 1099-B is related to an inheritance in the proceeds was distributed among 4 persons of which I am one. 1099-B boxes: 1a = "Property is Shares"; 1b = blank; 1c = 02/01/2022; 1d = $86,833.61; 1e = blank; 1f = blank; 1g = blank; 1g = blank; 2 = all blank; 3 = all blank; 4 (FWH) = $8,683.36; 5 = checked box "non covered security"; 6 = "Gross proceeds" box checked; 7, 8, 9, 10, 11, 12, 13 = all blank. SWH = yes, MI, but no state ID #.

RobertB4444

Level 15

Since this is an inheritance you should contact the executor of the estate to find out what the basis is in order to enter it here. If there is no way to do that then you can enter a zero for the basis but that will result in the full amount being taxable.

@Juanmore

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