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Level 2

Question

If I sold shares at a loss in 2023, but received a class action award in 2024, do I need to amend the 2023 submission?

Forum|Forum|2 years ago
May 31, 2024
2 replies
23 views

Do I need to amend the cost basis of the stock when purchased to accommodate the claim award?

TurboTax Online

Level 15

No, you do not amend your 2023 tax return. You will report the class action award as income on your 2024 tax return.

Level 15

You enter the income as a capital gain.

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)

- Wages & Income

Scroll down to:

-Investment Income

-Stocks, mutual funds, Bonds, Other

Answer no, when asked if you got a 1099-B. then follow the interview. Show $0 as your cost basis. Use the date you received the money as the sale date, not the 2023 original sale date. If that changes your holding period from short to long term, use "various" as your acquisition date.

Level 15

The OP continued this discussion in a new thread.