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Level 2
posted Mar 5, 2025 9:57:22 AM

How do I enter my 1099-B stock sales information?

In the wages and income section, is it expecting me to go line by line in the "Review your National Financial Services LLC sales" and edit the cost basis? 

0 5 706
5 Replies
Expert Alumni
Mar 5, 2025 10:01:46 AM

It depends. If you have already imported or you need to review certain transactions you can use the following steps to edit and/or review your cost basis. Select 'Edit' beside each sale you want to review or verify.

  • Where do I enter or import my 1099-B?

Level 2
Mar 5, 2025 10:12:24 AM

Thank you! A couple other questions:

There are several rows in that section, I assume all equate to individual ESPP sales that I executed last year. Not all of them say "needs review", but I assume I would want to check all of them to make sure the "adjusted cost or other basis" matches what is on my 1099 B Supplemental Information form, correct?

Secondly, this "supplemental information" section on my 1099-B says "this information is not reported to the IRS", so, what is the correct selection to make in the drop-down box for each sale on Turbotax? Is it, "long-term basis not reported to IRS (non-covered)"? 

Expert Alumni
Mar 5, 2025 10:40:08 AM

Yes, I would advise to check then for the correct cost basis. Yes select 'long-term basis not reported to IRS (non-covered)', assuming all of the stocks are considered long term holding period.

 

 Holding Periods:

  • Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
  • Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

Level 2
Mar 5, 2025 10:51:09 AM

thank you! you've answered all my questions. 

Expert Alumni
Mar 5, 2025 11:41:35 AM

Thank you for participating today!