If the Turbotax summary for stock sales doesn't show the Cost Basis for the sale, how can I correct it? I've input the cost basis twice and Turbotax shows $0.00.

[fanfare]

in the 1099-B section click UPDATE or EDIT and you can go into that transaction and enter the correct cost basis.

[Anonymous]

I had a question for most of the major brokerages Charles Schwab, Vanguard, Fidelilty

If I have multiple stock sales, I can just assume unless I have any adjustments or wash sales that I can just report the summary of short term capital gains and losses, is this correct?

This would be preferred to short term transactions

[ThomasM125]

I think what you mean is that you sold several investments and they are summarized on your 1099-B statement. So, you want to know if you can just report the summary amounts.

This would result in the gains or losses being properly reported on your tax return. However, the IRS does request that you send a copy of the detail along with your return if you do this. So, you would have to mail in your tax return and attach a copy of the schedules that make up the totals that you reported for your investment sales.

[Anonymous]

Hello

Would this be as simple as mailing in the 1099B statements or form 8949 filled out summarizing the statements in other words I would have to enter them in all electronically

[ThomasM125]

You need to manually enter the summary numbers from your form 1099-B in TurboTax. Then, print out your return and mail it with the detail sheets from your 1099-B statement so the IRS can see where your summary numbers came from.