No, you still need to report the stock sale reported on Form 1099-B. The IRS does not like it when they get a form that doesn't appear on your tax return, so you want to make sure it is reported.
That said, there should be little or no tax consequence from the sale of the stock. Since they were sold right away, you should have no capital gain. You may have a small loss if any kind of broker fees were taken out. To report it correctly, you may have to adjust the basis if what is reported on the 1099-B does not match the cost basis reported in the supplemental information:
- Find the sale of options on your transactions and click Edit.
- Under What type of investment did you sell? Use the pulldown menu to select the type of options sold.
- Enter the rest of the information as it appears on your 1099-B and hit Continue.
- Under Adjust your cost basis to ensure your best outcome if you have the basis for the shares you sold, click on I found my adjusted cost basis and enter the amount from the supplemental information.
