GeorgeM777
Expert Alumni

Retirement tax questions

Not sure what you mean by "the sums cover more than one sales section."  However, if you are electing to enter sales totals rather than a separate entry for each transaction on your 1099-B, then the sales totals need to be characterized as either short-term or long-term.  The sum total should not be short-term as well as long-term.  It is either or but not both.  A long-term holding period is any stock/mutual fund/bond that you have held for more than one year, i.e., a year and a day. One year or less is considered short-term. 

 

Additionally, in the sales section you will also need to select whether your transactions were reported to the IRS or not.  If the short-term or long-term transaction were reported to the IRS, such transactions are considered covered.  If the transaction has not been reported to the IRS, then such transactions are considered noncovered.  Your 1099-B should indicate whether your transactions were reported--covered--or not reported, noncovered.  

 

If you are reporting sales totals, then you need to group your transactions as either long-term or short-term.  Additionally, for any transaction that is noncovered, that is not reported to the IRS, you cannot report in summary fashion.  Those noncovered transactions need to be entered as separate transactions in TurboTax.  

 

@5l9marguerite 

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