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I received a free stock from Robinhood of $5.54 and sold it for $9.34 since it's really small, I won't get a 1099 form, how do I report this?

 
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I received a free stock from Robinhood of $5.54 and sold it for $9.34 since it's really small, I won't get a 1099 form, how do I report this?

Actually it is 2 entries...

 

The free stock for $5.54 goes on the Sch 1 line 8   and the sale on the form 8949 using the $5.54 as the basis.

 

You can report it as other income on Sch 1  line 8. Here's how to enter it in TurboTax.

  • Click the Federal Taxes tab ( Personal in the Home & Business version)
  • Click Wages & Income. (Personal income in the H & B version)
  • On the screen "Your 2019 Income Summary," scroll all the way down to the last section, "Less Common Income."
  • Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
  • On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
  • The next screen asks, "Did you receive any other taxable income." Click Yes.
  • On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.
  • On the next screen click Done.

 

 

I received a free stock from Robinhood of $5.54 and sold it for $9.34 since it's really small, I won't get a 1099 form, how do I report this?

you should expect a 1099-B for any stock sell transaction in 2020.

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