TurboTax says go to Investment Income under Wages & Income I cannot find anything about where to enter that information. What do I do?
You enter that as an investment sale in TurboTax. The cost will be your basis in the investment (net amount invested ) and the distribution you received will be the sales proceeds.
You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.
You enter that as an investment sale in TurboTax. The cost will be your basis in the investment (net amount invested ) and the distribution you received will be the sales proceeds.
You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.
So, my basis would be zero since I never paid for any stock it was just earned from doing business with the Coop?
Only cash that you invested would be counted towards your basis. So in your case it sounds like your basis is indeed zero.
One more question? Do I delete the 1099-DIV I entered in Turbo Tax to start with or leave it in and enter 0.00 in Box 1 to stop Turbo Tax from telling me I need to enter something on Box 1.
Thanks