I took a complete distribution for my ESOP account from my former employer after I left and they issued me a single stock certificate for the total number of shares from my ESOP account. The 1099-R that arrived shows Box 1 (Gross distribution) and Box 2a (Taxable amount) to the same and of the market value of the shares at the time of issuance.
I deposited the stock certificate to my TD Ameritrade account and sold some shares (6709 of 8909 shares) a few days later. This sale transaction shows in my 1099-B without a cost basis.
How do I put these together in Turbo Tax Premier to ensure that I am not taxed twice and also minimize my tax liability? Can I enter the same figure under "Proceeds" in the "Cost Basis" box?
The remaining number of shares is still in my TDA account with the value now less than 50% from what my 1099-R reported. Aside from being taxed on the full Gross distribution, I am already hit with the 10% early withdrawal penalty on the 1099-R. This has now turned into a loss on my finances instead of getting anything from it.
Thank you.
@Opus 17 @dmertz
