My 1099-b form doesn't say what sale category i have, long or short term, covered or noncovered,

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June 6, 2019
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Best answer by KittyM

You can calculate these details for yourself, although they should be on your 1099-B. The 1099-B uses terminology like "Long-Term sales reported to the IRS with Box B checked."

Long-Term means you held it more than a year. Short-Term means you held it one year or less. (You can calculate both these from the dates purchased and sold.)

Covered sales are Category/Box A (meaning what you paid for it is reported to the IRS), and Non-covered are Category/Box B (meaning what you paid is not reported to the IRS). If it doesn't show what you paid, you will need to look it up in your records.

KittyMAnswer

Employee

You can calculate these details for yourself, although they should be on your 1099-B. The 1099-B uses terminology like "Long-Term sales reported to the IRS with Box B checked."

Long-Term means you held it more than a year. Short-Term means you held it one year or less. (You can calculate both these from the dates purchased and sold.)

takumi

I need assistance interpreting 1099-B and Forms 8949.  I cashed out a non-retirement mutual fund in February 2017 that I’ve held for 23 years (and have used TurboTax for over 20 year to report my 1099-DIVs. Do I need to perform a forensic accounting for the 23 years using Forms 8949?  Or am I just looking at January – February 2017 and use January 1, 2017 as the ‘Date acquired’ and $0.00 for the basis

The 2017 Year-End statement states $0.00 dividends and $0.00 Long Term capital gains.

The 2017 1099-B shows:

    Covered Shares:  both Short Term and Long Term; includes basis for each

    Noncovered Shares:  basis is blank but reported to IRS; short-term or long-term is “unknown to the fund. You must determine Short Term and Long Term based on your records.”

TurboTax is asking for the ‘Date acquired’ for the covered Short Term and Long Term shares and for the Noncovered shares; and the basis for the Noncovered shares.

Confused and frustrated!  Please help!