A noncovered security is a designation which means a brokerage is not required to report the cost basis of that security to the IRS. The adjusted cost basis of non-covered securities is only reported to the taxpayer, not to the IRS.
In TurboTax Online Premium, report an IRS form 1099-B with uncovered transactions by following these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & Income.
- Scroll down to Investments and Savings and click the down arrow to the right.
- Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- Click Add investments.
IRS form 8949 reports short-term transactions reported on Form(s) 1099-B showing basis that was not reported to the IRS as code B.
IRS form 8949 reports long-term transactions reported on Form(s) 1099-B showing basis that was not reported to the IRS as code E.
See here.
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