The reason for your manual review is to make sure that each sale/transaction has the correct holding period since the date of purchase is shown as 'Various'. This is a common action when several items in one sale includes many items that were purchased on different dates. To review your sales one by one you can use the steps below. It's important for all long term holdings.
When 'Various' is used as the purchase date then TurboTax cannot know if the holding period should be long term or short term.
- 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)
Open your TurboTax Online/Moblie return:
- Select Tax Home on the left panel > Select any Income category or Pick up where you left off
- Select Tax Tools > Tools > Select Topic Search > Type 1099b > Select GO (should be landed on 1099b)
- Select each individual investment to check the holding period
Open your return in TurboTax Desktop:
- Select Personal Income > Scroll to Investment Income > Select Stocks Cryptocurrency, Mutual Funds, Bonds, Other
- Start or Update > Continue to follow the prompts to review your 1099-B entries
It's important so that you will have the special capital gains tax treatment for all long term transactions.
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