Yes, you have to report noncovered securities.
- The noncovered simply means that your financial institution did not have the date you purchased the stock and they did not have the amount that you paid for the stock so they weren't able to calculate a gain or a loss or whether the stock is short-term or long-term.
- The IRS has received the 1099-B and will match it to your tax return. If you don't report the 1099-B, the IRS will assume that the stock is short-term with a basis of $0.00 so that your gain will be calculated on the amount of the gross proceeds.
- You have to enter the date purchased and stock basis manually in TurboTax.
If you don't have the date purchased or the cost basis of your stock, please see
How do I find a stock's cost basis?
[Edited 04-13-2023|9:59 AM PST]
@jljlsecret23
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