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TurboTax 2020 refuses to correct cost basis for ESPP
I have ESPPs from which the Cost Basis reported to the IRS needs to be corrected.
I am following the same steps as I had in previous years with (e.g. with TT 2019, using the same step-by-step method) and some ESPP sale transactions refuse to come up with the right cost basis, insisting instead that it is "$0" and the whole discounted amount must be taxed (even though it was already taxed through the W2). I have tried entering these transactions both manually and by importing the 1099-B from the broker.
I'm pretty sure this is a TT 20 bug , since nothing has changed in the way I enter these transactions.
Has anyone else noticed this? Please be very careful as this may cause you to be double-taxed on the same income.
ā€ˇFebruary 14, 2021
12:02 PM