A municipal bond that I held to maturity was reported by Charles Schwab as having a zero cost basis. I tried to override this on the worksheet, but had an error message that overriding should not be done on the form. It's clearly wrong, but TT is not allowing a change. Any ideas, please?
You'll need to sign in or create an account to connect with an expert.
How did you enter the information from the 1099-B?
In Step-by-Step input, if you elect to skip import and enter the information, the input screen has a checkbox available for "The cost basis is incorrect or missing on my 1099-B"
Check that box and continue
Next screen asks about certain situations
Next screen allows you to change the basis
Thanks very much, I imported the 1099 composite from Schwab, unfortunately. I just filed. I will have to amend my return since TT kept seeing my adjustment to cost basis as an error--something about not changing the form due to e-filing. Appreciate your guidance.
Before you amend make sure that your original return has been fully processed by the IRS. This means that you have received your refund or that you already paid if you had a balance.
To amend your return:
The program will guide you as you make the changes necessary, you do not need to enter anything other than what you are changing.
For more information about amended returns see the TurboTax help article below. Feel free to reach back if you have additional questions.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
p5ssref
New Member
Retire6060
Returning Member
Ltaylor1040
New Member
skywire
Level 3
abhishtu2
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.