Yes, you are correct. You must enter the correct cost basis because your 1099-B indicates it was not reported to the IRS. Once you enter the correct cost basis then your resulting gain or loss is accurately reflected on the tax return and your Form 8949 will also be correct.
The amount goes in column (e). The cost basis can be entered and should be entered in the actual sale entry.
- Open (continue) your return in TurboTax
- In the search box, search for investment sales then select the Jump to link in the search results
- Answer Yes to the question Did you sell any of these investments in 2022? (or Okay! to Time to kick off your investments!)
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments (or Edit beside your sale)
@Marwood_Abroad
@JPquestion Your other question page is updated.
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