UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS

Forum|Forum|5 years ago
March 10, 2021
3 replies
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The 1099-B I received from my brokerage includes several transactions labeled as "UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS." They're all for a physical metal ETF. They all show quantity of 0, and the proceeds for each are less than 0.50c. If I round to whole dollars as I do for the rest of my return, this results in my listing a bunch of transactions where (d) proceeds, (e) cost or other basis, and (h) gain or loss are all $0.

Is it better to list them all like this - with all zeros - or just omit them? If I omit them, I'm concerned the IRS will flag it & ask why I didn't report the transactions. If I include them, I'm concerned the IRS will flag it & ask why I'm reporting a bunch of nonsensical transactions with both cost and sales price of $0.

TurboTax Home & Biz Windows

Best answer by ColeenD3

I also have those and I can't clear the REVIEW NEEDED without a purchase date. The only option I can see is to delete them - but I have no idea what that will cause. I'm guessing a 1099-B isn't even available with the details and I also noticed that there were fees/expenses of an equal amount to the problematic entries later in the document. I'm confused.....

@taxes4739

You have no really good option. Any one you choose could raise questions. I agree with fanfare. If they all have different sales dates and you aggregate them, there is another issue. You could choose one date, but all the others will be wrong. Omitting is the easiest option.

@mberwine

You can choose a purchase date, as long as if it is short term, you choose a date that will reflect that. Short term is one year or less.

fanfare

Employee

if you have a quantity of zero shs. and proceeds less than 0.50

I suggest your scratch those transactions from your tax return.

D

DavidD66

I would aggregate them and report them as a single transaction.

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T

taxes4739Author

Employee

They all have different sale dates (see below). What would I list for date sold, then...?

M

mberwine

I also have those and I can't clear the REVIEW NEEDED without a purchase date. The only option I can see is to delete them - but I have no idea what that will cause. I'm guessing a 1099-B isn't even available with the details and I also noticed that there were fees/expenses of an equal amount to the problematic entries later in the document. I'm confused.....

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chuckbloodgood

My 1099-B is showing sales with gains and losses under this subject. How can I report these as the Tax Program does not have the option of showing Undetermined.

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ThomasM125

You should try to determine when the securities were acquired and assign a code that reflects their status as short term or long term. Code B would be for short-term with basis not reported to the IRS and Code E will be for long-term with cost not being reported to the IRS. If you are unsure, you can use Code X. @chuckbloodgood

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