Yes, there is no difference in the way they are entered or treated in TurboTax.
The only difference is that the IRS now requires financial companies to track your cost basis. If you happen to change financial agents then you would need to do some of your own calculations after the change.
In 2008, Congress passed legislation which required brokers to report the cost basis for securities and mutual funds to both the investors and the Internal Revenue Service (IRS), effective tax year 2011
the difference between covered and noncovered shares is who keeps track of the cost basis.
- For covered shares, the financial organizations are required to report cost basis to both you and the IRS.
- For noncovered shares, the cost basis reporting is sent only to you.
Holding Periods:
- Long term: held more than one year (one year plus one day) - received special capital gain tax treatment
- Short term: held one year or less - taxed at your ordinary rate of tax
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