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New Member
posted Feb 20, 2022 10:47:13 AM

My cost basis is missing for a stock sale. How do I get past this error? I've entered that the info is incorrect and entered the correct cost basis.

Turbo Tax keeps sending me back to review this info and will not let me finish the return.

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1 Replies
Expert Alumni
Feb 21, 2022 7:17:12 AM

If you've corrected the cost basis, it may be a different issue causing the problem.

 

At the top of the input screen, there is a box to note Short or Long term gains and filing status.

  • I would expect that you would use the description of
    • B short-term transaction for which the cost or other basis is not being reported to the IRS.  
    • E long-term transaction for which the cost or other basis is not being reported to the IRS.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 1a, or on Form 8949 with box A checked with totals being carried to Schedule D (Form 1040), line 1b.

 

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box B checked with totals being carried to Schedule D (Form 1040), line 2.

 

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).

 

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 8a, or on Form 8949 with box D checked with totals being carried to Schedule D (Form 1040), line 8b.

 

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box E checked, with totals being carried to Schedule D (Form 1040), line 9.

 

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).