Trying to correct a cost basis on form 8949 for a long term gain however the form does not allow editing the number. How to edit long term cost basis?

[davewv38]

Form 8949 will not allow me to edit the cost basis for a long term gain. How can the number already in the cost basis block be edited?  

[TomYoung · Accepted solution]

You really should not be mucking around in the forms comprising your income tax return.  Doing so can nullify TurboTax's  "accuracy guarantee" and, in any case, what you are trying to accomplish can be done through the interview itself.

In the desktop version of TurboTax, (having never used the online version my assumption is that the desktop and online versions largely mimic one another), I'd enter the 1099-B exactly as it reads, wrong basis and all.  (Another assumption - the wrong cost basis is what's being reported on the 1099-B and the basis is being reported to the IRS.)  Then I'd click the blue "I'll enter additional info on my own" button and on the new screen that shows up when I do that I'd simply enter the correct basis in the "Corrected cost basis" box.  That "correct" basis then flows to Form 8949.

Of course if the cost basis on the 1099-B is wrong and the basis isn't being reported to the IRS, you're free to simply enter the basis you believe is correct when you enter the 1099-B.

Tom Young

[Questionasker]

When trying to enter information in the field mentioned above in TurboTax Premier 2019 (Windows) the value does not stay in the field, but disappears, and therefore does not update to form 8949.  Is that a bug, or possibly something I am doing wrong?  (trying to enter a number into the corrected cost basis field.)

[Critter]

Much of the 2019 program is not fully functional ... if you cannot get this to stick in the STEP BY STEP mode then retry this again later. 

[Questionasker]

In the meantime this morning I contacted TurboTax support and reviewed with the rep and it appears to be a bug, and a case has been created for the tech staff to investigate.  I was able to enter data in that field fine using TurboTax 2018, but in 2019 data can't be entered in that corrected cost basis field in the TurboTax interview.  And therefore doesn't flow into the 1099B worksheet or the 8942 form or the places that it should affect after that.

[Critter]

Bug or unfinished section of the program ... either way you will need to come back later.  Click on the REVIEW tab to see when the form may be available. 

[Questionasker]

Right.  Those forms won't be available to file until January, although I need to see what our income will look like before year end to take some actions before 12/31/19.  Maybe I can use TurboTax 2018 for that capital gains portion that isn't working, although 2018 version won't have the correct standard deduction built in, and I'm not sure if any other difference that will affect us.

[Critter]

When you need to do next year (2019) "what if" scenarios you should always use the prior year's (2018) fully operational program ... 

This is my mini version of  a tutorial  that should be in the downloaded program: 

 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

Related Information:

• Why would I use Forms Mode?
• How do I switch to Forms Mode in the TurboTax for Windows software?
• How do I switch to Forms Mode in the TurboTax for Mac software?

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

• >>>In the TurboTax CD/Download software by creating a test copy: 
•  Open your return in TurboTax. 
•  From the File menu, choose Save As. 
•  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
• Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
• https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

• >> use the WHAT IF tool: 
• - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
• - Click on the Open Form Icon 
• - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
• - You will see the worksheet on the right side of the screen; enter the information right into the form 
• - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
2. Browse to where you want to save your backup.
   • Tip:If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
4. Click Save and then close TurboTax.
5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

• Retrieve a Tax File from a Portable Device
• What's the difference between the tax data file and the PDF file?

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

• How do I save my return as a PDF in the TurboTax software for Windows?
• How do I save my return as a PDF in the TurboTax software for Mac?

AND protect the files :

• How can I protect the tax files on my computer?