Drake Tax - 1099-B - Noncovered Securities
Article #: 13580
Last Updated: October 18, 2024
In Drake Tax, there is no data entry field for Box 5, Check if non-covered security. If Box 5 is marked on the taxpayer's Form 1099-B:
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the broker may, but is not required to, report the following information:
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Box 1b, Date acquired. Enter on screen 8949, field 1b.
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Box 1e, Cost or other basis. Enter on screen 8949, field 1e.
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and Box 2 Type of gain or loss. Enter on screen 8949, field 2.
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Caution To ensure an accurate tax return, the taxpayer must supply any information missing from 1b, 1e, or 2, or confirm it if it is present.
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Whether or not required, if that information is reported, then Box 3, Check if basis reported to IRS, is marked. Indicate whether Box 3 is marked on screen 8949, from the Applicable check box on Form 8949 drop list. Select either:
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1 - Basis reported to the IRS (Check box A\D)
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2 - Basis not reported to the IRS (Check box B\E)
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Check boxes A and B refer to short-term transactions displayed on Part 1 of Form 8949 in View/Print mode.
Check boxes D and E refer to long-term transactions displayed on Part II.
See the instructions for Box 5 In the Instructions for Form 1099-B.