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correct the cost basis for sale of company stock from a taxable/non-retirement brokerage account after a transfer from from a 401k plan.
I need to correct the cost basis of a sale of company stock from a taxable/non-retirement brokerage account after a transfer of company stock from a 401k plan.
I terminated my 401k plan that contained company stock in August of last year.
I intended to use the NUA treatment for the company stock, so I distributed the company stock from the 401k to a taxable/non-retirement brokerage account.
I sold the company stock from the taxable/non-retirement brokerage account in November.
I missed the deadlines for the NUA treatment, so I know I need to pay taxes on the full amount of the stock I sold in November.
I received a 1099-R from the 401k administrator showing a taxable distribution equal to the value of the company stock distributed from the 401k to the taxable/non-retirement brokerage account in August.
I also received a 1099-B from the taxable/non-retirement brokerage administrator for the full amount of the sale in November, with a $0 cost basis.
When I uploaded the two 1099 forms into TurboTax it calculated taxes on the full amount of the distribution from the 401k to the taxable/non-retirement brokerage account and the full amount of the sale of the stock from the taxable/non-retirement brokerage account (cost basis=$0).
The cost basis of the sale from the taxable/non-retirement brokerage account should be the amount of the distribution from the 401k to the taxable/non-retirement brokerage account. How do I correct this in Turbo Tax?