Cost Basis Update

[etunnel]

I have sold some RSU. The sale imported from the trading platform doesn't include any cost basis information. As I have the premier edition, I went through the questionnaires and have Turbotax figuring out the correct cost basis value. However, Turbotax doesn't fill the cost basis box 1e. Therefore, it keeps on telling me that I need to fill that box 1e. 

I don't remember this problem from earlier years. Is this a Turbotax bug in 2022? Do I have to go through the whole questionnaires again and copy-and-paste the cost basic determined into box 1e manually? This seems wrong. Do you experience the same problem?

Example page:
cost_basis_problem

[HelenC12]

No, this isn't a TurboTax bug. 

Yes, you have to manually enter your cost basis if the imported box 1e is blank. 

Since the gain on that stock sale was included as income on your W-2 Box 1 Compensation, to avoid double taxation:

• You will need to change the stock basis on the date of the sale, to the price on the date of sale.  
• The result is zero gain or a minor loss due to brokers commission/fees.  
• The IRS will expect to see that information on your tax return.  

For additional information, see the TurboTax article: Non-Qualified Stock Options.

Additional information: Where do I enter or import a 1099-B?

Related Information:

• What's the difference between restricted stock and a restricted stock unit (RSU)?
• What is restricted stock and how is it taxed?
• How do I enter Restricted Stock Units (RSU) sales in TurboTax Online?

[etunnel]

I understand that field needs to be filled. I believe Turbotax should fill it for me. That's THE reason for me to get the premier version. I believe Turbotax did it before in the prior years.

Going through the steps, Turbotax figures the cost basis out for me correctly as shown below. The final tax due shown at the top reflects that calculation every step of the way too. The sw should fill that field for me. I cannot even copy the cost basis calculated on that page and paste it into the field. Do you expect me to write the value down on the piece of paper and type it in by going through the steps again? If a mistake happens during this error-prone way, which value takes precedence, the calculated one by Turbotax or the one filled by me?

[etunnel]

Thinking about my question on precedence: the cost basis calculated by Turbotax vs the one filled by me in Box 1e, I made one experiment. I filled the value, 0, into Box 1e. Turbotax doesn't complain about needing info anymore. The overall tax calculation doesn't change as the result. Is this an acceptable way to use Turbotax Premier? @HelenC12 

Thanks!

[AbrahamT]

You would be better off using the figure that TT calculated and then copying and pasting into that Box E if the net result is anyway going to be the same. And the reason for this is simple, keep the backup of how you came up with the calculation via Turbotax incase it becomes an issue down the road. If you just leave it blank, the IRS may question it as to why you didn't enter anything in as the cost basis.  

[etunnel]

Thanks for the reply. Unfortunately, TT doesn't make it easy for me to even copy-and-paste. There is no copy capability on the page with cost basis value calculated. I am taking my caution to enter 0 and watching out for any unexpected changes down the road. Leaving it blank is not an option. TT flags it as an error to correct.

[HopeS]

I am not sure if you have tried clearing your Cache and logging back into your account. If you haven't click on the link below. Once you are done log back into your TurboTax and follow the instructions provided by @helenac12

Clear Cache

The Cost Basis of the Stock option is important and should be manually entered. Otherwise, the gain/loss on your return will be incorrect which will affect the tax refund or liability. 

@etunnel