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How to Correct the 8949 Form Part I after Tax Return Submitted by Turbotax

Dear All,

 

I submitted my tax return with 8949 Form to show the adjusted cost basis of stocks.  The adjusted cost basis is from the employee RSU which belongs to Category Part I (B) (Short-term transactions reported on Form(s) 1099-B showing basis wasn’t reported to the IRS)
Although the entered amounts of adjusted cost basis were corrected in "Column e" and final capital gain/loss were also correct,  I forgot to enter Code B into "Column f" and enter number "0" into "Column g" to show they are adjusted cost basis when I submitted it online with Turbotax.

I was wondering if I need to correct this under this situation.  If it is necessary, how can I make the change with IRS.

Thank you so much!   

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1 Best answer

Accepted Solutions
DavidD66
Expert Alumni

How to Correct the 8949 Form Part I after Tax Return Submitted by Turbotax

If you had the holding period (long term vs short term) correct and the gain or loss correct I would not do anything.  There is a remote possibility that the IRS will contact you asking for additional details on the transactions you reported, but I doubt it.  And if they do, all you have to do is provide an explanation along with any supporting details you have.  The main thing is, you reported the correct gain/loss.  Don't do anything unless and until you hear from the IRS.  

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2 Replies
DavidD66
Expert Alumni

How to Correct the 8949 Form Part I after Tax Return Submitted by Turbotax

If you had the holding period (long term vs short term) correct and the gain or loss correct I would not do anything.  There is a remote possibility that the IRS will contact you asking for additional details on the transactions you reported, but I doubt it.  And if they do, all you have to do is provide an explanation along with any supporting details you have.  The main thing is, you reported the correct gain/loss.  Don't do anything unless and until you hear from the IRS.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How to Correct the 8949 Form Part I after Tax Return Submitted by Turbotax

Thank you so much!

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