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Level 2
posted Feb 8, 2023 11:45:41 AM

Do I need to enter a 1099B that has zero in the proceeds and only $8.05 is costs?

My 1099B has zero $ in all boxes except for $8.05 in box 1E cost basis.   If I try to enter the 1099B, Turbo Tax wants to charge me $69 to upgrade.  I get the free version for the past 6 years as I am retired.  What if I do not enter the 1099B since there is no tax implication?

0 3 860
3 Replies
Expert Alumni
Feb 8, 2023 12:03:21 PM

To post your 1099-B follow these steps:

  1. Start at Federal
  2. Wages and Income
  3. Scroll to Investments & Savings
  4. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
  5. If you already have an entry, select the appropriate broker or add another account.
  6. Select your broker or follow the interview.
  7. As you enter the dates and proceeds, there is a check box for The cost basis is incorrect or missing on my 1099‑B
  8. Use this option to correct any errors on a cost basis.

 

Level 2
Feb 8, 2023 12:19:51 PM

I know how to post but is it worth $69 to post a zero impact on taxes?

 

What is the downside of not posting an $8 transaction?

Expert Alumni
Feb 8, 2023 12:39:06 PM

If you know you will not change your tax liability with the income on your Form 1099-B, (which appears to be a loss since your only entry is your cost basis) you can keep it with your file so that you are prepared should the IRS inquire about it later. This would lower your income by $8.  They do have a copy as well and based on your description there will not be any impact to your tax return with or without it.

 

@oldradio99

[Edited: 02/08/2023 | 1:04p PST]