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February 26, 2020
Question

I'm getting hung up by 1099-B which is hard to understand. Won't let me file federal or choose to send in by mail.

  • February 26, 2020
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February 26, 2020

Can you clarify?  You are having trouble entering your 1099B?  

 

If you are using a broker that partners with Intuit, you may be able to just pull the information in automatically.

 

Follow these steps to get to the correction section;= to enter your 1099B:

1.  With your return open, choose Federal and then Income & Expenses

2.  Click Edit/Add next to the Stocks, Mutual Funds, Bonds, Other section

3.  Answer YES to the question "Did you sell stocks, mutual funds, bonds, or other investments in 2019?"

4.  Check YES and continue on the screen that asks if you "Did or Will receive a 1099B...."

5. If your financial institution allows for the download, TurboTax will walk you through the process.  

If you are unable to pull in your 1099-B, you will need to go line by line through the sales, entering cost basis, sales proceeds, date of sale, date you acquired the stock and the code for form 8949 (covered or noncovered)  That is the part that is the most confusing, but here is a TurboTax Article that will help make you with entering and making sense of that information:  More Information on Form 8949

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