Yes, you do need to report the transaction as part of your tax return.
You should have received a Form 1099-B reporting the transaction which you can use to enter the information into your return. You will need to know when you first acquired the GE stock (or use 'various' if you acquired it at different times), when the payment was made for the partial shares, your cost basis for those partial shares (use zero if you cannot determine it), and the amount that you were paid as 'cash in lieu'.
Use the following steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “1099-B” (be sure to enter exactly as shown here, including the dash) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to 1099-B”
- Click on the blue “Jump to 1099-B” link
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