Do I Need to Report/Pay Taxes on Noncovered Securities in Box X?

C

Cyrix

I noticed that there was a section in my 1099 called "Noncovered Securities - Summary" where there was a Proceeds number but no costs (screenshot below).
It appears that it's for some Box X in 8949 but when I checked my 8949, there was no such section.

YSzXWyWjScKjI5O79baKKA.png


When I import the TXF into Turbotax I didn't notice these numbers anywhere in Turbotax after importing.

Do I need to do any thing or pay taxes on the numbers in this section?

Thanks.
 
Last edited:
I think uncovered means the security doesn’t have a purchase price that will be reported to the IRS. Did you buy this security before 2011?
 
newwurldmn said:
I think uncovered means the security doesn’t have a purchase price that will be reported to the IRS. Did you buy this security before 2011?
More...

No, I am a day trader and the securities were purchased and sold within last year.
 
Cyrix said:
No, I am a day trader and the securities were purchased and sold within last year.
More...

You need to call your broker then. The only time I get weird things like that are in corporate actions and my few holdings that are over 10 years long.
 
newwurldmn said:
You need to call your broker then. The only time I get weird things like that are in corporate actions and my few holdings that are over 10 years long.
More...

calling ib will get you nowhere. just figure out your pnl, aggregate your basis to reflect the difference, label it as various.
 
You must log in or register to reply here.
Back
Top