You must enter the purchased sales as one entry, then the inherited sales as a separate entry even if they are combined on the same 1099-B.
Do not import, choose to enter yourself.
To enter inherited sales:
Sign into your TurboTax account, then follow the steps below.
- Select Wages and Income > Search (upper right magnifier) > Type 1099b > Use the Jump to... Link
- Scroll to Stocks, Mutual Funds, Bonds, Other > or Add Investments > Enter a different way
- Select Stocks, Bonds, Mutual Funds > Continue until you choose to enter one-by-one
- Select under Sales Selection Long term no basis reported to IRS
- Select the type of investment you sold > Select 'I inherited it' under How did you receive this investment?
- Now you can follow the screen image provided with the additional details next:
- Your cost basis for the inherited shares is the fair market value (FMV) on the date of death of person you inherited this asset from
- Select the check box beside 'The cost basis is incorrect or missing on my 1099-B'
- On the next screen you can choose None of these apply > Select I don't want to make any changes to my cost basis right now
- Continue through the rest of the screens.
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