This post has been closed and is not open for comments or answers.

Covered transactions vs noncovered transactions on 1099...how to enter?

My financial institution doesn't lay out my 1099 in box format (ie box 1, 2, 6).  I have 1 sale reporting as 'covered' and the rest of the sales as 'noncovered.'  When entering the information, for a noncovered transaction, should I say that "box 6 is checked for this sale" or "box 6 is not checked for this sale"?

Thanks!
  • I ALSO ENCOUNTERED THE SAME PROBLEM AS I USE MERRILL LYNCH.  BECAUSE THEY SEPARATED THE TRANSACTIONS AS "COVERED" AND "NON-COVERED" I SAID THE BOX WAS CHECKED.

    HOPE THIS HELPS.
Box 6 is "checked" for non-covered transactions, i.e., the basis isn't being reported to the IRS.

Tom Young