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