If you're going to use the online version of TurboTax then you must upgrade to the Premier version in order to report the sales of the stock. If you're using a desktop version of TurboTax them most any version will do as they all support the same Forms, Schedules and Worksheets.
The sale will be reported to you on Form 1099-B reporting how much you sold the stock for. The 1099-B might also report the basis of the stock you sold, (the number you subtract from the proceeds to determine gain or loss), or it might not. It depends on the situation. If the Form 1099-B doesn't report the basis then that information needs to come from your own records.
Your basis in the stock depends very much on how you acquired the stock. If you bought the stock with your own money then that's the basis. If you were gifted the stock then the donor's basis carries over to you and you need to get that basis from the donor. (Although, due to the complexity of the income tax code you also need to know the fair market value of the stock when you acquired it and the actual basis you use in reporting the trade could be the "carryover basis", the fair market value, or something in between.) And if you inherited the stock then the stock's basis, typically, is the fair market value at the date or death.
You'll report the trade using the "Stocks, Mutual Funds, Bonds, Other" interview in TurboTax. When you actually get to that point I wouldn't be surprised if you have more questions. If you do then create a new post and ask additional questions.
Tom Young
