I'm trying to finish my taxes with Turbotax Deluxe. My investment company sent me a year-end statement which includes "Summary of Form 1099-B." It shows Gross Proceeds (Covered and Noncovered Transactions) of $412,467.44 and Cost or Other Basis (Covered Transactions Only) of $16,544.21. I'm not sure what either of these numbers mean but the amount listed for everything else on the form is 0 including federal and state tax withheld and profit or loss in 2023 or 2024. On Turbotax Form 1099-B says Crypto before it which I don't own. I've never seen crytocurrency mentioned in filing past taxes. How do I fix this and fill out the correct information so Turbotax realizes I don't own any cryptocurrency?
All your SELL transactions have a Box assigned. the Boxes are A through F.
You will find the Box assigned in the fine print on your consolidated 1099-B broker statement.
Enter subtotals for each Box category separately into TurboTax.
Select "NO" as the answer to the crypto question that IRS wants you to answer.