I owned stock in a small independent brewery that went out of business in December. This was a small business and no 1099-B was provided. I am using a download copy of Turbotax Premier. I was able to walk through the investment section and enter the required information for the loss; and an associated Form 8949 was created. However, I see no entry for identifying the stock as worthless so that the appropriate code (S) would be automatically entered into column f of Form 8949. I also see no way to manually enter the code. Can someone identify what I am doing wrong? Thanks.
You'll need to sign in or create an account to connect with an expert.
special treatment - ordinary loss as limited by the code for section 1244 stock:
*****
after entering sales info I would use the description xyz - worthless, sale date 12/31/202, next, done or continue until you come to a page that says "select any less common adjustments that apply" and check off the gain or loss is eligible for special treatment" then continue. check off "qualified small business stock eligible for ordinary loss deduction (section 1244). them answer the following questions. any ordinary loss will flow to form 4797
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jtbrockwe27
Returning Member
gardineiro
New Member
Bluesky-888
Level 2
malvinchip
Level 1
zeishinkoku2020
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.