I am not a stock expert. I just have a little from my father's passing.
One stock, apparently automatically sold some shares due to some corporate reason. I received a 1099-B.
It was disposed of the same day it was acquired.
The proceeds were the same as the listed cost basis.
There was no Market discount or Wash sale.
The 1099 states, "Noncovered transactions-Cost basis not reported to IRS - Form 8949, Part I, (B)
I have entered all the information in TurboTax Premier "Tell us about your xxx 1099-B"
Box B - Short term noncovered.
The dialog box, "Here's all the sales reported by xxx" and it lists the date sold and gross proceeds.
Then a dialog box comes up, "Here's a summary of sales from this account"
Box B Short term sales with cost basis NOT reported to IRS" Net Gain/Loss =0.00
That's it. And it moves back to other income summary.
So do I need to do anything else. I didn't choose to sell this stock, the corporation did it for some reason. The cost basis on the paper is the same as the gross sales.
I've tried to study this on the Internet. I've found this, "For tax-reporting purposes, the difference between covered and noncovered shares is this: For covered shares, we're required to report cost basis to both you and the IRS. For noncovered shares, the cost basis reporting is sent only to you. You are responsible for reporting the sale of noncovered shares."
So what am I supposed to report? Does TT Premier take care of this by what I entered?
