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Investors & landlords
Yes, you can post this to TurboTax, but you may have to upgrade from Basic, and you will have to do some homework first.
Can I use TurboTax Basic if I get 1099 Div and 1099 B forms for my investments?
For some reason your broker does not know the basis, or the acquired date of that security. This burden falls upon you.
- The first issue is: Did you acquire it over one year ago.
- If you did, it is long term gain.
- If not, it is short term gain.
- The next issue is the basis value.
- In most cases it is the purchase price.
- If you do know the date you can use the average price for the day.
- If you have an approximate date, you can use an average for the week.
- If you have no idea at all, you may have to pay tax on the entire proceeds.
To post this information: I suggest you post it manually.
- Start at Federal
- Wages and Income
- Scroll to Investments & Savings
- Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
- Did you have investment income in 2022? - Yes
- Get ready to be impressed Continue
- You can enter your information to import the details
- —----------- OR —------------------------
- Select Enter a different way
- Choose the Box Stocks, Bonds, Mutual Funds Continue
- Follow the interview to post your information.
Now you should correct the Cost Basis.
Leave the original basis as blank. The same as posted to your 1099-B
- Start at Federal
- Wages and Income
- Scroll to Investments & Savings
- Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
- If you already have an entry, select the appropriate broker or add another account.
- Select your broker or follow the interview.
- As you enter the dates and proceeds, there is a check box for The cost basis is incorrect or missing on my 1099‑B
- Use this option to correct any errors on a cost basis.
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March 21, 2023
5:36 AM