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Solved

How do I specify that the transactions in a 1099-B form were Sell to cover (order type) with Tax withheld?

Forum|Forum|7 years ago
June 3, 2019
1 reply
8 views

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Best answer by DavidD66

It sounds like you sold covered calls that were assigned. The order type (sell to cover) is not something that is reported on your tax return. Usually brokers adjust the cost basis when a position is sold to cover a short call option assignment. If your broker did not make the adjustment, you can do son TurboTax. You can also enter the tax withheld. To do so, on the screen where you entered your stock sale, click on the blue box that says "I'll enter additional info on my own". On the next screen, you can enter federal and state tax withheld, and a corrected stock basis - if necessary.

Level 15

It sounds like you sold covered calls that were assigned. The order type (sell to cover) is not something that is reported on your tax return. Usually brokers adjust the cost basis when a position is sold to cover a short call option assignment. If your broker did not make the adjustment, you can do son TurboTax. You can also enter the tax withheld. To do so, on the screen where you entered your stock sale, click on the blue box that says "I'll enter additional info on my own". On the next screen, you can enter federal and state tax withheld, and a corrected stock basis - if necessary.

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