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FrankRzz
New Member

Help entering a 1099-B Reported to IRS/Non-covered

I have a 1099-B for the sale of stock in 2022.  The 1099 was reported to the IRS and has the non-covered security checked in Box 5.  There is no sales section on the 1099, nor is there a Box 1b.  These shares were acquired in 2001 so this should be taxed on a long term basis.   My problem is that TurboTax has no Reported to the IRS/Non-Covered options in the pull down for sales section.  All of the Non-covered options are listed as not reported to the IRS.  In addition, when I leave the pull down for "What do you see in Box 1b?" as Blank, it gets flagged and says Needs info.  I have already entered the cost basis for this sale.  Can anyone help?

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2 Replies

Help entering a 1099-B Reported to IRS/Non-covered

short term noncovered is type b and long-term is type e  this is no special code for options 

JosephS1
Expert Alumni

Help entering a 1099-B Reported to IRS/Non-covered

If all necessary information, aside from the sales proceeds you state are blank for that particular box, are correct, the best way to proceed IMO is to simply enter a "1" in sales proceeds.  The system will not accept a zero and needs a number.

 

If you are concerned about reducing the loss by 1 for the transaction, simply add 1 to the cost or other basis.  Since the basis was not reported to the IRS as you stated, the actual loss will be what it is.

 

@FrankRzz 

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