Author Topic: reporting non covered long term gains/losses with Turbo Tax  (Read 176 times)

fund4tomorrow

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reporting non covered long term gains/losses with Turbo Tax
« on: February 07, 2018, 04:26:55 PM »
I recently received a 1099-B from our Broker.  We sold off some shares that we had purchased, however I noticed that on the 1099-B we have some non covered long term losses.  It is my understanding that I can deduct these.  We did not have any non covered losses last year and this is our first time receiving any.  We plan on using Turbo Tax to file our taxes again this this year, however can someone please clarify if they had a similar situation where they could file using Turbo Tax Deluxe or was Premier required for this specific situation.  We have no rental properties, just these non covered losses.  I haven't been able to confirm this specifically on the Intuit website and was hoping someone else here might know.

Thank you for any insight!

MDM

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Re: reporting non covered long term gains/losses with Turbo Tax
« Reply #1 on: February 07, 2018, 05:30:30 PM »
The only significant difference between covered vs. non-covered is that the broker reports a cost basis to the IRS for covered shares, while you must supply the basis for non-covered shares.  You then check different boxes on 2017 Form 8949 - f8949.pdf.

I believe TT Deluxe (at least the CD/download version) will handle this, but do not know for sure.