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As of 1/26/23 on 1099-B, if I have a stock sale with both Cost Basis and an adjusted cost basis, the Review page shows $0 Cost Basis. Has anyone else seen this mistake?

 
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JosephS1
Expert Alumni

As of 1/26/23 on 1099-B, if I have a stock sale with both Cost Basis and an adjusted cost basis, the Review page shows $0 Cost Basis. Has anyone else seen this mistake?

Provided both cost basis and adjusted cost basis are not zero, check first if this is what is shown as a covered transaction, it is being reported to the IRS as such.  So if this is a covered transaction you must initially enter the reported basis as shown so as not to contradict the issuer and have the IRS send you a letter requesting information.  You can then adjust to what the actual basis is in the follow-up question "I need to adjust the cost basis".

 

If this is not a covered transaction, simply enter the actual cost basis where called for and fill in the rest of the screen where applicable.

 

The next page will show the following:

 

 

After all entries and corrections are made, be sure to check the summary to make sure the gain or loss displays accurately

 

@billnorthraleigh

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