I held stock in a company that was aquired by another corporation - they sold the stock from the first company and purchased stock in the new company - why am i taxed

It  sounds like you should be taxed possibly fractional shares of the first company stock that was not able to be transferred to the new stock. This happens quite often.

If this is the case then the cost basis in the fractional shares would be zero which would be a fully taxable amount for 2024. The cost basis you had in the original shares will be the cost basis in the new shares under the new company. You will use that cost when any shares are sold from the new company.

Open your TurboTax Online/Mobile return:

1. Select Tax Home on the left panel > Select any Income category or Pick up where you left off
2. Select Tax Tools > Tools > Select Topic Search > Type 1099b  > Select GO (should be landed on 1099b)
3. Select Add Investments if your 1099-B is not yet present in your list
4. Continue to follow the prompts to enter the information yourself

Open your return in TurboTax Desktop:

1. Select Personal Income > Scroll to Investment Income > Select Stocks Cryptocurrency, Mutual Funds, Bonds, Other
2. Start or Update > Continue to follow the prompts to enter your 1099-B

The sale of any investment is required to be included with your tax return, gain or loss.  Information from the link below may be helpful

• What is Form 1099-B: Proceeds from Broker Transactions? 

Please update here if you have additional questions and we will help.