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jh73
Returning Member

Why is TurboTax Deluxe 2017 reporting incorrect form error for 1099-B?

I am transcribing the 1099-B form received from the financial institution. I checked Box 5 to indicate a NonCovered Security. On the form, it notes that fields 1b and 1e can be blank in such a situation. However, TurboTax reports 2 form errors for those blank fields. There should not be a form error.

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Accepted Solutions
ToddL
New Member

Why is TurboTax Deluxe 2017 reporting incorrect form error for 1099-B?

Because this was the sale of a non-covered security, the financial institution does not have to report the date acquired (1b) or the cost basis (1e).

The taxpayer, however, does have to provide that information on the tax return.

The following post provides additional information on covered and non-covered securities: Covered v Noncovered 

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1 Reply
ToddL
New Member

Why is TurboTax Deluxe 2017 reporting incorrect form error for 1099-B?

Because this was the sale of a non-covered security, the financial institution does not have to report the date acquired (1b) or the cost basis (1e).

The taxpayer, however, does have to provide that information on the tax return.

The following post provides additional information on covered and non-covered securities: Covered v Noncovered 

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