Yes, you do need to report and no you do not need to submit it. Use the instructions in the link to report your 1099-B and you are correct the cost and redemption price are the same. Each year when you report the interest income it becomes part of the cost basis for the CD. The key is that the IRS is looking for the proceeds.
Enter the information in TurboTax by using the steps below.
Open your TurboTax Online return:
- Select Tax Home on the left panel > Select any Income category or Pick up where you left off
- Select Tax Tools > Tools > Select Topic Search > Type 1099b > Select GO (should be landed on 1099b)
- Select Add Investments if your 1099-B is not yet present in your list (select Bond since CD may not be on the list for type of asset)
- Continue to follow the prompts to enter the information yourself
Open your return in TurboTax Desktop:
- Select Personal Income > Scroll to Investment Income > Select Stocks Cryptocurrency, Mutual Funds, Bonds, Other
- Start or Update > Continue to follow the prompts to enter your 1099-B details
The sale of any investment is required to be included with your tax return, gain or loss. Information from the link below may be helpful
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