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bleach40
New Member

My 1099B from Schwab shows one sale of a stock. On the 1040SR, not yet filed there are 3 entries for this one sale. How do I correct the 1040?

How do I correct discepacy between 1099B info and 1040SR not yet filed?
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3 Replies
ThomasM125
Employee Tax Expert

My 1099B from Schwab shows one sale of a stock. On the 1040SR, not yet filed there are 3 entries for this one sale. How do I correct the 1040?

You need to delete two of the Form 1099B's as follows:

 

1. Choose the Tax Tools option on your left menu bar while working on your return

2. Choose Tools

3. Choose the Delete a form option under Other Helpful links 

4. Find the errant 1099-B forms in the list and delete them


 

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bleach40
New Member

My 1099B from Schwab shows one sale of a stock. On the 1040SR, not yet filed there are 3 entries for this one sale. How do I correct the 1040?

 

 The error is not in the 1099b.   This shows one sale of a stock.  This entry was auto imputed byTurbo Tax. The problem lies in the 1040SR.  When I reviewed this prior to filing I noticed that the one sale is listed as three identical sales one after the other.  If I delete the 1099b two of the sales on on the 1040SR are deleted and the correct one remains.  So I have a correct entry without a supporting document.  Software gremlin?

   The turbo tax rep tried to assist me, but he didn't understand the issue.  He suggested that I delete the 1099B.  reinstall it.  Which I did.  Ergo three identical sales on the 1040SR .  

ThomasM125
Employee Tax Expert

My 1099B from Schwab shows one sale of a stock. On the 1040SR, not yet filed there are 3 entries for this one sale. How do I correct the 1040?

As long as your tax return reflects the correct investment sale proceeds and cost of the sales you will be OK. The IRS will match the sale proceeds reported on the 1099-B form they have a copy of with the sales proceeds reported on your Schedule D. Since they will match, no further action is required on your part.

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