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Adjusted Cost Basis Did Not Stick Correctly

I already submitted my taxes, and upon further review, I have noticed an issue with my return. 

 

I know how to adjust the cost basis. However, for all 6 transactions from one of my multiple imports from eTrade, even upon checking the box that the cost basis is incorrect, and providing the correct cost basis on the next page, when returning to the import review page for that section it shows the Gains / Losses as if the cost basis were set back to zero.

 

This may have been correct when I first updated all of my cost basises, and may have been a few transactions that while during the Federal Review process, it was forcing me to update the Amount of Adjustment field on some of the TurboTax intermediate forms that I could barely see or have any idea what I was even clicking on but it was forcing me to enter something non-zero for those fields. As a result I think it modified those transactions to around $10k in additional capital gains.

 

Is the simplest means of fixing to file an amended return? I haven't done that before with TurboTax, and links for the best means of doing that from TurboTax Premier Desktop for Windows? Thanks in advance!

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2 Replies
Cynthiad66
Expert Alumni

Adjusted Cost Basis Did Not Stick Correctly

Give the original return time to process through the IRS.  Wait to receive your refund or balance due notice before amending.  Amending before that can cause delays and confusion.

 

If you used our CD/download product, sign back into your return and select “Amend a filed return.”

 

To amend a return, file Form 1040-X, Amended U.S. Individual Income Tax Return. You can use tax software to electronically file your 1040-X online. Submit all the same forms and schedules as you did when you filed your original Form 1040 even if you don't have adjustments on them.

 

How to Amend Your Return

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Adjusted Cost Basis Did Not Stick Correctly

Thanks for the reply. I submitted my taxes a week ago and they've already been accepted and payment was sent while filing. This shouldn't change payments due / owed, just need to capture the accurate capital gain loss carryover correctly.

 

I appreciate your prompt response, hopefully I don't need any further help!

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