Thank you @DaveF1006 !
so I hadn't realized this before which is why I was asking for clarification on what to put for SALES CATEGORY. But when I just looked at "Learn More" again it says that at the top of each section of the 1099 it labels the type of stock it is. I didn't see it before. However, I see now that for the stock that is in the section with missing cost basis, there is a header above it that says "Undetermined Term Transactions for NonCovered Tax Lots" and then it says " Report on Form 8949 Part I with Box B checked or Part II with Box E Checked. Basis is NOT provided to the IRS."
Based on the above it would actually be considered "Long Term Non-Covered" not "Long Term Not-Reported" as you and Linda had mentioned.
The stock IS listed on the 1099 with a quantity, proceeds and date sold but NO Cost Basis. Under "Learn More" the definition of 'Long Term Non-Covered" does seem to match what is being recommended at the top in that if there was NO information at all for the item for this stock with missing cost basis on the 1099 then it would be "not reported" but since there is some information such as sales date it would be considered "non-covered."
However, this contradicts what you were suggesting that since the cost basis wasn't reported it would be "Long term Not reported."
-Based on the new information above do you agree it is "Long term Not Covered?" Please note that I am not able to find my original records and they did not transfer to the broker. However, the stock was purchased from AT&T more than a year ago (many years ago).
-Since I don't have the purchase date in my personal records, would you recommend I still put "various" for the purchase date in Turbotax?
-There is a section in Turbotax that also asks about "less common adjustments that apply" for example includes the following options "loss from this sale is disallowed due to wash sale rules" or "an adjustment is required for a reason not already covered." Information for those less common adjustments are blank on the 1099 and at the top of the section under the header it says:
“Date acquired,” “Cost or other basis,” "Accrued market discount," "Wash sale loss disallowed" and “Gain or loss (-)” are NOT reported to the IRS.
I don't have the information on my 1099 to determine if any less common adjustments apply. Is it ok if I leave those blank since I don't know and don't know how I would know and what are the implications if it is incorrectly blank?
