1099 B on the same date has one row with 'Check if Basis Reported to IRS' and 'Check if non-covered security'. How to calculate cost basis for non-covered security?

Forum|Forum|1 year ago
March 30, 2025
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1099 B from Computer Share has one row with 'Check if Basis Reported to IRS' and 'Check if non-covered security'. One row has 'Cost or Other Basis' and other do not. Both rows are on the same date.

When I go to the transactional details, it has many entries and it is difficult to find the cost basis for the missing one. How do I calculate the cost basis? Should I calculate cost basis for all the entries on that date?

JamesG1

All of the securities were purchased on the same date. Some have cost basis reported and others do not.

Are you saying that the non-covered securities were 'spun off' from the securities that had the cost basis reported?

If so, you may want to allocate the cost that was reported over both the securities that have cost basis reported and the securities that do not have cost basis reported. If not, you will have to arrive at some basis of reporting the cost basis for the transactions not reported to the IRS.

When you are entering the IRS form 1099-B information into TurboTax Premium Online, make notations on the cost basis by following these steps.

When entering the sales information, select The cost basis is incorrect or missing on my 1099-B. Continue.
At the screen We noticed there's an issue with your cost basis, select I know my cost basis and need to make an adjustment. Continue.

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