How to Adjust an incorrectly downloaded Stock Basis - TurboTax 2024

[roninshawneeKS]

I am not seeing an option to Adjust a Stock Basis (inherited stock) on a stock incorrectly downloaded from my Brokerage. 

In the past (last year) there was an "inherited" option to check somewhere in editing your stock transaction.  You just clicked on "inherited" - and then it let you change the Date Acquired and a New Basis.  I don't see anything like that now.

I can easily locate the stock and click on Edit, but it just brings up the information downloaded for the stock.  Do I just start modifying things there - and is TurboTax at that point smart enough to modify f, g, h columns on the 8949 correctly.  Why isn't this a straight-forward option in TurboTax.

Just looking for the CORRECT way to accomplish this.

ron in shawnee 

[roninshawneeKS · Accepted solution]

OK - SORRY - PROBLEM SOLVED - BUT AN EARLIER REPLY ACKNOWLEDGING SUCH IS MISSING

Can I not reply to my own post.  I will keep this short since it may not work since my Reply about the "missing option" for adjusting a stock basis had some problems - but figured it out after reloading TurboTax.

ron in shawnee

[Hugh Aiken]

Hello Ron,

My problem is very similar. I need to insert the basis for a stock sale on form 8949, but TT will not accept my entry without override. Then, TT refuses to efile because of the override.

How can we fix this?

Hugh Aiken

[Hugh Aiken]

Dear Ron

How was the problem of inserting information on form 8949 solved?

Hugh

[roninshawneeKS]

Hugh-

Sorry - I may not have had the same problem.  I am trying to remember my situation and know I was considering overriding the Form 8949 entries - BUT I found that I had overlooked, missed a checkbox on one of the early screens in editing a stock entry (can't remember the wording right now - something about needing a new basis or being incorrect I think). and everything fell into place after that.

Sorry, I don't remember the checkbox right now, but it is/was there for me - and it clearly was applicable to adjusting the basis of a stock.  For some reason, I needed to do the reload on my TurboTax for the edit to work right on the 1st time through (hope I am remembering this right).

BUT the point is, that ended up not thinking bad thoughts about TurboTax because it did what it was supposed to - in letting you adjust the basis - provided you did not miss but checked the right box on one of the first screens that popup - it was easily overlooked - sort of "read the fine print" advice here.

And sorry, again, I hope I am remembering this right - as I ended up not having a problem - and this is the best advice I can give you.  Wish you the best of luck.

ron, now in shawnee