After entering the details of your sale according to your Form 1099-B, click on Continue. The next screen will ask about "less common items" on your 1099-B, there shouldn't be any, so click on Done. The next screen asks "Was this a sale of employee stock?" Answer "No" and click on Continue. Note: You only need to answer Yes to the question about having an employee stock sale if you don't know the cost basis and need help finding it. The next screen says "Select any less common adjustments that apply". Check the box next to "The cost basis on my statement is incorrect". This will cause a box to appear to enter the corrected cost basis. As I mentioned above, your corrected cost basis is the value at the time you exercised your options. You don't enter the amount from Box 12, as that is only the amount of ordinary income included on your W-2. It does not included the exercise price of the stock, which is the amount you paid for it. The amount you paid, plus the amount in Box 12, Code V is your cost basis, and is should be entered as your "Corrected cost basis" in TurboTax.
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