Transactions under Undetermined Term Transactions for Noncovered Tax Lots: they are all under $1, do they need to be reported? None have date acquired or cost basis.

[bingham15]

1099 B from brokerage mentions to report them on Form 8949 with Part 1 B box checked, but not sure how to do that in Turbotax. Or can they be omitted since under $1? It is giving a Review Error as is.

[DianeW777]

It depends. If you are required to file a tax return then these transactions are required to be included. If all of the sales are $1 the question is how many there are. 

You can use a summary total for all of the sales so that you only add one. It's important for you to use your cost basis as well.  You can always use direct entry, with summary totals.  The only exception is wash sales, which must be entered separately, if you have any.

Combine them by holding period:

• Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
• Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

Do not enter using import unless you already did that. Select to 'I'll type it myself'

• Where do I enter my 1099-B?

[bingham15]

Thanks @DianeW777!

If they were pulled in via import (there were quite a high number of transactions from my brokerage in general - too many for me to enter all manually), can I delete them and manually add just tone back as a whole? Or perhaps delete all but one and edit that one...

You also mention there needing to be cost basis, but this was not provided. The 1099 B only has 1d-Proceeds & 6-Reported Gross or Net included for these 11 transactions - all under $.50 and totaling less than $3.46.

If it changes anything, these same transactions are also all listed later under Fees and Expenses and labeled as "gross proceeds investment expense" on that page. 

Thanks again for any advice!

[DianeW777]

Yes, you can delete them and add back one transaction if they are all short term or all long term. I wouldn't be concerned with the transactions of $3.46 or less. It's highly unlikely this would have an impact on your tax return.

Be prepared to send a copy of your 8949 with Form 8453 as shown below and TurboTax may alert you.

If you are e-filing your tax return, then mail your statements along with Form 8453 to: 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet).