The Fidelity rep mentioned that I can probably use the information for the Adjusted Cost or Other Basis (z), but I don't see where to enter that information in Turbo Tax. Am I allowed to use that instead of 1(e)? If so, where can I enter it?
The adjusted cost figure is the amount you will put in 1e for the stock.
Cost basis is the original value of an asset for tax purposes, usually the purchase price, "adjusted" for stock splits, dividends and return of capital distributions. This value is used to determine the capital gain, which is equal to the difference between the asset's cost basis and the current market value.
Thanks for the answer, Lisa. Your answer doesn't seem to be the same as the one I received below from Tom. Yours seems easy enough - just wanted to verify that it is definitely correct. Essentially, you are saying that I don't put the 1e values that I got on 1099-B from Fidelity. Instead, I will use the value from the Supplemental Stock Plan Lot Detail document in column Z (Adjusted Cost or Other Basis). Sound right? Thanks again.
Tom is correct but you can also enter the adjust cost in this way as well.
If the broker is reporting the basis to the IRS then you enter that number in TurboTax's default "1099-B" entry form, and then you "correct" it. After entering the 1099-B exactly as it reads click on the "I'll enter additional info on my own" blue button. On the next page enter the correct basis in the "Corrected cost basis" box. The correct basis is, most likely, that "adjusted cost" reported on the Supplemental information.
TurboTax will report the sale on Form 8949 "as reported by the broker" but will put an adjustment figure into column (g) of the Form, a code "B" into column (f) of the Form, and the correct amount of gain or loss which includes the adjustment.
Tom Young
NOTE: TURBOTAX CHANGES THE SECURITY SALES INTERVIEW JUST ABOUT EVERY SINGLE YEAR. THE INSTRUCTIONS ON "HOW TO FIX" THE BASIS REFLECT THE STATE OF THE INTERVIEW FOR TAX YEARS 2016 AND 2017.