1099-B Unknown Term

Forum|Forum|2 years ago
February 19, 2024
2 replies
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Received 1099-B from Morgan Stanley and E*Trade. Two stocks I sold were reported as Unknown Term. Not sure what there issue is as the info was readily available in my account. Can I just fill in the information for acquisition date and cost basis myself or do I need a revised 1099-B from MS and E*Trade. Also under "Sales Section" for that Stock in TurboTax do I select "Unknown Term Basis Not Reported to IRS" and then check the box for "The cost basis is incorrect and missing on my 1099-B" while also filling in the date of purchase and the cost basis?

Best answer by DianeW777

Yes, you can fill in the acquisition date and the cost basis yourself. In TurboTax you should select long or short term basis not report to IRS based on your acquisition date.

Long term: held more than one year (one year plus one day)
Short term: held one year or less

In TurboTax use the Search (upper right) > Type 1099b > Click the Jump to... Link

Scroll to the stocks that need your attention and make the necessary entries (acquisition date and cost basis).

DianeW777Answer

Yes, you can fill in the acquisition date and the cost basis yourself. In TurboTax you should select long or short term basis not report to IRS based on your acquisition date.

Long term: held more than one year (one year plus one day)
Short term: held one year or less

In TurboTax use the Search (upper right) > Type 1099b > Click the Jump to... Link

Scroll to the stocks that need your attention and make the necessary entries (acquisition date and cost basis).

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