1099-B term listed as unknown

[Ak1950]

When I imported Fidelity 1099B into turbo tax it said basis not reported and term is unknown.

That is correct - Fidelity did not have that info

BUT I do have the correct term and basis.

Do I change the box in Turbo Tax to indicate the correct term? or leave as it. The screen in Turbo Tax says to enter it exactly as on the 1099B

[Mike9241]

correct the holding period  so it is properly treated for tax purposes as short -or long term

if basis is wrong  use code B and correct it

if the term is incorrect also add code T 

8949 instructions

• If this transaction is reported on a Part I with box B
checked at the top or if this transaction is reported on a Part
II with box E checked at the top, enter the correct basis in
column (e), and enter -0- in column (g).

[Ak1950]

OK, one other thing,

Do I change the transaction from IS NOT REPORTED to IRS To IS REPORTED TO IRS, since now I am reporting it....

Or does that reporting referecen apply to Fidelity, since they did NOT REPORT it because they did not know it.

The transaction came over as Basis NOT Reported and Term Unknown.

But I know both now

So in Turbo Tax Shall I change to LONG TERM  and BASIS is reported to the IRS (since now I am reporting it)
I know this is simple, but I have not seen a clear answer on this. Thanks.

[fanfare]

For non-covered securities ( BOX B or E) showing zero (wrong) basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g).
If the basis is not reported to IRS, there's nothing to adjust.

For Box A or D, leave basis as reported, use Code "B" and put an adjustment in col(g).

The box category determines ST or LT treatment regardless of  Date Acquired.

@Ak1950 

[DawnC]

No, don't change it to reported to IRS - Leave the category as is, but you need to enter the basis and determine the holding period.