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Is it possible to enter noncovered securities with undetermined holding period into Turbo Tax?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Deluxe Windows

Best answer by Anita01

Any investment sales showing as noncovered in your 1099-b require that you enter the missing information yourself, whether it's the purchase price or purchase date.

A

Anita01

Employee

The holding period must be entered in order to calculate the tax owed. Why is it undetermined?

D

dgeistt

I have shares in a gold trust. Each month the trust manager sells a small portion of bullion to cover management expenses. These are reported on my 1099B as "noncovered securities with undetermined holding period". Turbo tax wants me to input a acquired date, cost basis and type of gain or loss, none of which I have. How do I handle this situation??

HopeS

These are security purchases made prior to the effective dates listed (e.g., January 1, 2011 for equities). If a noncovered transaction is reported on 1099-B, the sale is classified as short-term (Box B) or long-term (Box E) on Form 8949.

The only distinction between covered and non-covered transactions is whether the brokerage firm is required to provide the taxpayer with the basis and gain or loss information. Sales of noncovered securities are entered the same way that covered securities are entered. But you will need to determine the missing information from your own records. If you know when you purchased the security, you can look up the historical cost basis at:

https://www.marketwatch.com

@dgeistt

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S

scdunesAuthor

That is the way it was stated on my year-end statement from Morgan Stanley

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Anita01

Employee

Morgan Stanley just doesn't know when you originally bought it. You have to fill that in yourself.

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phroggue

I HAVE THE SAME QUESTION. HOW CAN I DETERMINE THE ORIGINAL DATE IF MORGAN STANLEY DOESN'T HAVE IT? I TRIED TO GUESS AND SAY "LONG" BUT TURBOTAX KEEPS ASKING. AND THE TOTAL OF THE 12 ENTRIES IS LESS THAN $20. CAN'T I SKIP THIS SOMEHOW?

G

goodbeats

I have the exact same issue when attempting to enter these 10-12 entries that add up to less than $10, yet Turbotax won't let me proceed without a purchase date. My MS advisor referred me to the Customer Service number on the first page of my 1099 consolidated statement. He either didn't know how to help, or he didn't want to cross the line into providing tax advice. This is frustrating.

A

Anita01Answer

Employee

Any investment sales showing as noncovered in your 1099-b require that you enter the missing information yourself, whether it's the purchase price or purchase date.