GE did a reverse stock split where they converted 8 stocks into 1... I had 30 shares so they changed it to 3 shares and sent me a check for $91.38 How to report turbo tax

Forum|Forum|4 years ago
April 16, 2022
1 reply
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Do I need to report and How do I report on Turbo tax.

TurboTax Deluxe Online

AnnetteB6

Yes, you do need to report the transaction as part of your tax return.

You should have received a Form 1099-B reporting the transaction which you can use to enter the information into your return. You will need to know when you first acquired the GE stock (or use 'various' if you acquired it at different times), when the payment was made for the partial shares, your cost basis for those partial shares (use zero if you cannot determine it), and the amount that you were paid as 'cash in lieu'.

Use the following steps to get started:

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “1099-B” (be sure to enter exactly as shown here, including the dash) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to 1099-B”
Click on the blue “Jump to 1099-B” link

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Hal_Al

Employee

You get your cost basis for those partial shares from your own records. As an alternative, rather than using 0, use the full $91.38 as you basis, resulting in 0 gain or loss. Then adjust (reduce) your cost. in the reaming shares by that amount.

Based on GE performance lately, you most likely had an actual loss.