I sold shares in 2024. I need to find Adjusted cost and entered all known 3922 forms. On 1099-B I've 2 rows Long/Short Term with sum of all shares. How does it adjust?

[mvipat]

Here's a sample data I've please guide me how to enter it. Form 1099-B 1a                                 1b (Date acquired)  1c                         1d (Proceeds)   1e (Cost or other basis). 2 Unit sold 7.43188                                          01/10/2024       $2739.68          $2524.24                             Short term Unit sold 17.3747                                          01/10/2024       $6151.58          $5039.39                             Long term Other columns are blank or 0 except column 12 that are checked. Also when I select 'Short Term (covered)' it is switching to 'Long Term (covered)' . Form 3922 1                     2                      3             4             5              6 01 Jul 2024 31 Dec 2024 $336.19 $388.99 $330.64 17.247865 01 Jan 2024 28 Jun 2024 $346.55 $344.24 $292.60 53.133723 01 Jan 2023 30 Jun 2023 $315.86 $310.64 $264.04 57.239399 01 Jul 2023 29 Dec 2023 $310.64 $346.55 $294.57 20.831490 01 Jan 2022 30 Jun 2022 $415.01 $274.27 $233.13 60.239524 01 Jan 2021 30 Jun 2021 $265.62 $318.89 $271.06 46.425524 01 Jul 2021 31 Dec 2021 $321.54 $415.01 $352.76 24.566552 01 Jan 2020 30 Jun 2020 $218.38 $250.51 $212.93 57.857594 01 Jul 2020 31 Dec 2020 $248.15 $265.62 $225.78 39.553099 01 Jan 2019 30 Jun 2019 $171.82 $207.97 $176.77 67.745857 01 Jul 2019 31 Dec 2019 $210.28 $218.38 $185.62 49.962882 Now my question is I sold shares from different years in 2024. Now Turbotax is asking me a single column for number of shares sold so that is 7.43188 but it's a sum for all the shares sold. The column number 6 refers to the shares transferred on 3922 for that year. How should I enter this information in turbotax?

[RobertB4444]

Since they're 'covered' it means that the sales and the prices that you paid for them have been sent to the IRS already so you can just enter the totals for all of the transactions.  You can enter 'Various' for the dates purchased and sold.  If they are all short term transactions you will need to change the "long term" to "short term" no matter what TurboTax automatically changes it to.

@mvipat 

[fanfare]

"I sold shares from different years in 2024. "

share owned one year or less from the date of sale are short Term

shares held longer are Long Term.

You have to partition your sold shares in this manner. ST on F8949 Pg1, LT on F8949 Pg2.

Share are consider to be sold First In- First out.

Identify the LT shares first and their cost basis, the remaining shares sold are ST.

@mvipat 

[mvipat]

If I read the response from RobertB4444 correctly, I think I need to enter form 1099-B and when Turbotax asks me for 'Adjusted cost basis' I should click 'I don't want to adjust cost (not recommended)'.

[DavidD66]

If you are confident that the cost basis is correct, you would not need to adjust it.  That would be unusual for ESPP shares, but it is possible.  I would verify that the cost basis is correct on at least one of the transactions reported on the 1099-B.  If the cost basis is incorrect, it most likely is understated which would result in your gain being overstated or loss understated and your paying more tax than required.