Turbo Tax double adds my total stock sales when I add both, 1.LONG-TERM TRANSACTIONS FOR WHICH BASIS IS REPORTED TO THE IRS and 2.LONG-TERM NOT REPORTED TO THE IRS. Why?

[flmako1]

It adds both totals and shows that I will get taxed on double the amount of my stock sale gains. Do I just list one or the other?

[AmyC]

Those are 2 different types of stock transactions so they are added together. Stock is either covered (basis reported) or noncovered and reported as such on the 1099.

There are 4 scenarios for the tax return and they are totaled on sch D.

• Long term - covered and not covered
• short term - covered and not covered

A stock sale should only be in one of the 4 groups. Remove any duplicate transactions from the noncovered basis.