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flmako1
February 15, 2025
Question

Turbo Tax double adds my total stock sales when I add both, 1.LONG-TERM TRANSACTIONS FOR WHICH BASIS IS REPORTED TO THE IRS and 2.LONG-TERM NOT REPORTED TO THE IRS. Why?

  • February 15, 2025
  • 1 reply
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It adds both totals and shows that I will get taxed on double the amount of my stock sale gains. Do I just list one or the other?

    1 reply

    AmyC
    AmyC
    Employee
    February 20, 2025

    Those are 2 different types of stock transactions so they are added together. Stock is either covered (basis reported) or noncovered and reported as such on the 1099.

    There are 4 scenarios for the tax return and they are totaled on sch D.

    • Long term - covered and not covered
    • short term - covered and not covered

    A stock sale should only be in one of the 4 groups. Remove any duplicate transactions from the noncovered basis.

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