In my 1099-B from E*Trade, The first issue is that the broker does not include the basis of noncovered securites with only three transactions, and I also received Schedue K-1 and K-3 for the three noncovered securities. Actually the stock has been sold with losses shown in Schedule-K, but since no basis was deducted, the three transactions ended up with a large gain. The second issue is that I exported 1099-B to TurboTax but I noticed the system only exported one of the three transactions,and I don't know why this happened. I found these two errors by looking at the Form1099-B worksheet in Turbo Tax. I want to add back the cost basis for the nocovered securites and also add back the other two transactions' proceeds and cost basis to reflect the actual loss. I have two questions:
I. I don't know how to use the TurboTax software to add basis and also add the other transactions because I already exported data directly from the broker website to my computer. Should I just open the Turbo Tax worksheet to fix the two errors manually? Would corrections manully affact other data of my tax return in TurboTax?
2. May I just use the cost basis shown on the schedule K-1 to adjust the cost basis for the noncovered seceruites? Please advise. Thank you.
