Form 1099-B noncovered securities

Forum|Forum|6 years ago
February 25, 2020
2 replies
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My 1099-B reports a sale of stock on Box 5 Non-Covered Securities. Turbotax generated forms 8949 for Box 2 both short and long term covered securities related to this sale but not the Box 5 Non-Covered Securities. Do I need to generate and complete on my own a form 8949 for this?

DawnC

Level 15

If Box 5 is checked, the securities sold were noncovered securities and boxes 1b, 1e, 1f, 1g, and 2 may be blank. Generally, a noncovered security means:

stock purchased before 2011,
stock in most mutual funds purchased before 2012,
stock purchased in or transferred to a dividend reinvestment plan before 2012,
debt acquired before 2014,
options granted or acquired before 2014, and
securities futures contracts entered into before 2014.

The only distinction between covered and non-covered transactions is whether the brokerage firm is required to provide the taxpayer the basis and gain or loss information. Sales of noncovered securities are entered the same way that covered securities are entered. But you will need to determine the missing information from your own records.

Here is a link to an old discussion, but the information provided by Tom Young is still relevant for your purposes.

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