1099-B Transaction Type Codes:
TaxSlayer inserts the appropriate code based upon selections made in the Capital Gains Transaction worksheet.
For reference, the Form 8949 transaction type codes are:
- Short-term, covered (i.e. basis reported to IRS)
- Short-term, not covered (i.e., basis not reported to IRS)
- Short-term, other than A or B
- Long-term, covered (i.e. basis reported to IRS)
- Long-term, not covered (i.e., basis not reported to IRS)
- Long-term, other than A or B
Captial gains worksheet and Form 8949 adjustment column codes
- Tax slayer inserts one code based upon a drop-down list of adjustment descriptions. Many of the codes listed are OUT OF SCOPE.
- Multiple codes are allowed if necessary, entered in alphabetical order (e.g. “BT”) however at this time, TaxSlayer only allows one code.
- If multiple transactions are consolidated on one line and another code is required, select that other adjustment reason and append “-M” to the end of the Description of Property.
|Column (f) Code||Designation for the adjustment amount in column (g)|
|B||Form 1099-B with incorrect basis.
1099-B code A (reported to the IRS): enter the reported basis in the basis column and an adjustment amount in the adjustment column.
|E||Broker commission or other adjustment reducing amount received from sale.|
|H||Sale of main home at a gain, must report it, and can exclude some of the gain
|L||Non-deductible loss from other than a wash sale|
|M||Multiple transactions consolidated from attachments|
|O||Other adjustment not described by another code|
|T||Form 1099-B with incorrect short/long term designation|
|W||Non-deductible loss from a wash sale. OUT OF SCOPE if not clearly identified on a broker statement.|
|C||Disposition of collectibles|
|D||Accrued market discount.|
|N||Form 1099-B or 1099-S as a nominee for actual owner|
|Q||Exclusion of some of the gain of qualified small business stock|
|R||Postponement of gain from rollover of QSB stock, stock sold to ESOPs, etc|
|S||Loss from small business stock greater than ordinary loss|
|X||DC zone or qualified community assets exclusion amount|