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posted Jun 4, 2019 12:23:59 PM

How do I report Box E long term noncovered stock proceeds? The broker tax statements have a cost basis shown (ie how is this different then the Long Term sale proceeds).

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1 Best answer
Expert Alumni
Jun 4, 2019 12:24:00 PM

The term "Non-Covered" refers to the cost basis not being reported to the IRS, not the proceeds.  The proceeds are the amount the stock was sold for and the cost basis is what you paid for it.  The difference between these two numbers is either a Capital Gain or a Capital Loss.

To report this transaction, you need to follow these steps:

  • Login to your TurboTax Account
  • Click "Federal" on the left tab
  • Scroll down until you get to "Investment Income"
  • Click Start/Revisit next to "1099-B"
  • Follow the steps to enter your Form 1099-B exactly as it appears (Use cost basis from brokerage statement or other records if the amount is not shown on the Form 1099-B)
  • Under "Sale Category" use the drop-down menu to choose "Box E"

1 Replies
Expert Alumni
Jun 4, 2019 12:24:00 PM

The term "Non-Covered" refers to the cost basis not being reported to the IRS, not the proceeds.  The proceeds are the amount the stock was sold for and the cost basis is what you paid for it.  The difference between these two numbers is either a Capital Gain or a Capital Loss.

To report this transaction, you need to follow these steps:

  • Login to your TurboTax Account
  • Click "Federal" on the left tab
  • Scroll down until you get to "Investment Income"
  • Click Start/Revisit next to "1099-B"
  • Follow the steps to enter your Form 1099-B exactly as it appears (Use cost basis from brokerage statement or other records if the amount is not shown on the Form 1099-B)
  • Under "Sale Category" use the drop-down menu to choose "Box E"