JamesG1
Employee Tax Expert

Get your taxes done using TurboTax

I absolutely understand.  When you are entering under the summary method, the adjustment codes mimic the workings of the IRS form 8949.  When working with the adjustment codes, it always seems like they work backwards.

 

That is why I entered the statement in item 2 as a warning.

 

     2.  Enter the correct adjustment (not the cost basis) in the Total adjustments to gain.

 

You may want to try out the one-by-one method of entering the IRS form 1099-DA to see whether it works more easily for you.  That method does not use the same kind of adjustment method as above.  You will report the actual cost basis under #9 below.

 

  1. On the screen Now, choose how to enter your sales, select One by one.  Select Continue.
  2. At the screen Next, we'll start entering sales from your 1099-DA, select Continue.
  3. You will now be able to enter the sales information.  Report Short-term transaction with basis not reported to the IRS or Long-term transaction with basis not reported to the IRS.
  4. Enter total proceeds,  total cost is $0, select The cost basis is incorrect or missing on my 1099-DA.  
  5. Select I have other boxes on my 1099-DA to enter.
  6. Enter information in box 1a and box 3a.
  7. At the screen Let us know if any of these situations apply to this sale, you may select I paid sales expenses that aren't included in the sales proceeds reported on the form.
  8. At the screen Let's find your cost basis, select Yes, I found my cost basis.
  9. Enter the cost basis in Cost basis.  Click Continue.
  10. Select Add another sale to add another entry.
  11. When finished, select Continue.

There is a benefit of using the one-by-one method to record your 10 transaction that total the $92,744.  There is nothing to upload and nothing required to be mailed or sent to the IRS with your income tax return.  You just retain all of your records should, at some time down the road, a tax authority questions your computations.  Best to you.

 

@Max3721 

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