Non covered securities

Forum|Forum|1 year ago
March 22, 2025
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Dear Experts,

I need your help. I received 1099-B from my brokerage firm which has a section of 'Non covered' securities.

All it has the information about

Quantity:0.000

Date Acquired: Blank

Date Sold: Mentioned

Proceeds: Mentioned

There is no other information mentioned in this section. In a supplement they have mentioned they have mentioned Date sold, proceeds and cost basis factor and has a put a note saying that 'ask your tax adviser' for further help'.

When I imported this form into Turbotax desktop version 2024, it gives me an error saying that 'needs to review'. How do I fix this? How to I find out the cost basis, quantity and date of purchase?

Any help is appreciated.

Regards.

Best answer by fanfare

These are non inherited stocks. I understand what you are saying but how do I derive the quantity? (Do you mean sales proceeds/price on that day)? If that is the case how do I find which lot of shares I bought I should use for calculating cost basis?

Unless prior instructions were given before the sale,

you sold your earliest shares,

This is called First In, First Out.

@sgaitonde

fanfare

Employee

For non-covered securities ( BOX B or E) showing wrong basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g). TurboTax will do this if you tell it to.

quantity is not important.

Date acquired is not important what matters is the Box category you select: Long Term or Short Term.

after the holding period has been identified, you can put "various" for Date Acquired.

@sgaitonde

sgaitondeAuthor

Thanks for your response but the question is how do I find the correct basis? Because with no quantity mentioned I even do not know how to calculate cost basis and from which lot. Appreciate your guidance regarding this.

Regards,