I believe you mean that you purchased stock and the stock became worthless in 2020. If so, you would report this as a sale of an investment in TurboTax as follows: Income and expenses Investment income Stocks, Mutual Funds, Bonds, Other Indicate the you didn't receive a 1099-B form Choose the I'll enter one sale at a time option Enter a description, date acquired, date sold, sale proceeds as $0 and the cost basis as the amount you paid for the stock

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pmeijles

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I worked for a startup for 4 years, and bought the vested ISO stock options when i left in 2017. The company folded last year. How to report on my tax return?

Forum|Forum|5 years ago
April 8, 2021
1 reply
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Best answer by ThomasM125

I believe you mean that you purchased stock and the stock became worthless in 2020. If so, you would report this as a sale of an investment in TurboTax as follows:

Income and expenses
Investment income
Stocks, Mutual Funds, Bonds, Other
Indicate the you didn't receive a 1099-B form
Choose the I'll enter one sale at a time option
Enter a description, date acquired, date sold, sale proceeds as $0 and the cost basis as the amount you paid for the stock

ThomasM125Answer

I believe you mean that you purchased stock and the stock became worthless in 2020. If so, you would report this as a sale of an investment in TurboTax as follows:

Income and expenses
Investment income
Stocks, Mutual Funds, Bonds, Other
Indicate the you didn't receive a 1099-B form
Choose the I'll enter one sale at a time option
Enter a description, date acquired, date sold, sale proceeds as $0 and the cost basis as the amount you paid for the stock

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wxz

Hi @ThomasM125 ,

Is there a chance we can get an update to these instructions? I'm in the same situation as the original poster but the option to indicate that I didn't receive a 1099-B form (step 4) or to enter one sale at a time (step 5) doesn't seem to exist under Stocks, Bonds, and Mutual Funds.

Thank you

ThomasM125

In the Stock, Cryptocurrency, Bonds, Mutual Funds, Other category of Investment Income, you choose Stocks, Bonds, Mutual Funds on the screen that says OK, let's start with one investment type: