Question

Vanguard 1099-B

Forum|Forum|3 years ago
March 13, 2023
1 reply
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I received 1099-B from Vanguard and I am trying to enter information in TurboTax. There are a lot of missing information, e.g.

1. Box 1b: Date acquired (Vanguard has N/A, TurboTax does not allow)
2. Box 1e: Cost or other basis (Vanguard has --, Turbotax allows numbers)
3. Sale category (short/long term covered/not covered/not reported, unknown holding period) (vanguard has no info)
4. Box 2: Type of gain or loss (short or long term) (vanguard has no info)

Can you please help here?

D

DavidD66

Date Acquired - If you inherited the asset, then the date of acquisition is the date of death of the person you inherited it from. If it was a gift, your acquisition date is the date you received it. If you don't know the date you acquired the investment you sold and can't determine it, you will need to estimate, or you can use "various".

Cost or Other Basis - If you inherited the asset, then your cost basis is the value on the date of inheritance. If it was a gift, your cost basis is the same as the person that gifted it to you. If you can't determine a cost basis, you will have to use zero.

Sale Category - Vanguard would have to have listed it either as "Not Covered" or "Not Reported". There should be a summary page at the beginning of your 1099-B that shows all category totals. Once you determine your acquisition date, that will determine whether it is long term (held more than 1 year) or short term. If you inherited the property, it is long term. If you use "Various" you will have to determine/indicate whether it's long or short term.

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M

mmdyAuthor

Thanks

I do not see a summary page saying short or long term.

T

TomK2023

Try this:

Open your return.
Search for 1099b in search box.
Click on jump to 1099b link.
On Your "investments and sales" page, Click on Review in your Stock, bonds, etc. (1099-B) section.
Review your sales.