You are not required to have a Form 1099-B for an asset sale. To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.Click on Federal Taxes (Personal using Home and Business)Click on Wages and Income (Personal Income using Home and Business)Click on I'll choose what I work on (if shown)Under Investment IncomeOn Stocks, Mutual Funds, Bonds, Other, click the start or update buttonOr enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales On the screen Did you sell stocks, mutual funds, bonds, or other investments in 2019? click on YesOn the screen OK, what type of investments did you sell? click on Other and then on Continue

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varunbishnoi

Question

I sold mutual funds in India. How do I reflect that in TurboTax as I dont have a 1099-B. TurboTax keeps saying that I need to send a copy of 1099-B to IRS ?

Forum|Forum|5 years ago
July 2, 2020
1 reply
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TurboTax Premier Online

DoninGA

Employee

You are not required to have a Form 1099-B for an asset sale.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the screen Did you sell stocks, mutual funds, bonds, or other investments in 2019? click on Yes

On the screen OK, what type of investments did you sell? click on Other and then on Continue

mrkprasanth

I have the same question in 2023.Iam hearing confliciting answers on how to report gains from Indian mutual fund sale.Should this be reported under miscllenous income or can I report this under stocks and mutual funds sales (same section where I report sales for US stocks and mutual funds).Asking because I have some capital losses where I can offset this gain if reported in the same section as US stocks and mutual funds

DaveF1006

Yes, this can be reported under stocks and mutual funds sales. Follow the steps as prescribed by MargaretL in the following Turbo Tax post.

Federal Taxes
Wages and Income
Scroll down to Investment Select Stocks, Mutual Funds, Bonds, Other - select No to 1099-B question, No to Financial Institution and enter name of your foreign institution. Follow the prompts. You will able to enter your sale information. This will result with all your mutual funds reported on its respective form and Schedule (form 8949 and Schedule D)

@mrkprasanth

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