2022 used NUA strategy to distribute 401(k) as "Lump Sum In-Kind Shares" into brokerage acct. 2023 sold a few shares it over 1 year, The 1099-B report the basis cost was not the original basis cost . what do you do?

382

Expert Alumni

Mar 12, 2024 3:17:33 PM

You need to adjust the basis. When you enter your 1099-B into the TurboTax system it will ask if your basis is incorrect. You say 'yes' and adjust the basis to what it was supposed to be.

@cuongvly

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2022 used NUA strategy to distribute 401(k) as "Lump Sum In-Kind Shares" into brokerage acct. 2023 sold a few shares it over 1 year, The 1099-B report the basis cost was not the original basis cost . what do you do?