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I have a cash liquidation distribution (CLD) in box 8 form…

Customer Question
I have a cash...

I have a cash liquidation distribution (CLD) in box 8 form 1099-div. In handling this, I come to a screen that says the CLD will be handled LATER. But I can't find any such place

Accountant's Assistant: What's the brand and model of your computer? And the Operating System (OS)?

I have a MAX

Accountant's Assistant: How long has this been going on with your computer? What have you tried so far?

I talked to 3 turbo tax reps. None of them could answer my question

Accountant's Assistant: Anything else you want the Computer Expert to know before I connect you?

I don't think it is a computer issue. This is a turbo tax issue. Turbo Tax tells me that the CLD will be handled later, but no such screen ever comes up

Submitted: 1 month ago.Category: Tax
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Customer reply replied 1 month ago
Tech support specialist
Customer reply replied 1 month ago
How do I get connected?
Answered in 17 minutes by:
3/15/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,697
Experience: Taxes, Immigration, Labor Relations
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Can you tell what exactly was liquidated?
Is that S-corporation or C-corporation?

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Customer reply replied 1 month ago
C
Tax Professional: Lev, Tax Advisor replied 1 month ago

You will need to report that as sale transaction on form 8949.

The amount reported in box 8 form 1099-div is deemed sale price for C-corporation shares.

You need to find out your basis and holding period (more or less than a year) for proper reporting.

Let me know if you need help.

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Customer reply replied 1 month ago
This doesn’t answer my
Customer reply replied 1 month ago
Does not answer my question. I want to know how to handle this in turbo tax Easy Step.
Tax Professional: Lev, Tax Advisor replied 1 month ago

Specifically in Turbo Tax...

To enter that deemed sale - prepare tww amounts - deemed sale price and your basis.

Prepare dates you purchase and sold. If you are not sure when corporation was dissolved - use Dec 31.

  • 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

Let me know if that helps.

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