TurboTax 2016 is using a different cost basis than the one I entered from my 1099-B to calculate an investment loss. How do I correct this?

[MichaelDC · Accepted solution]

If you need to edit an incorrect basis:

1.       Enter the 1099 as is then

2.       Click  Add More Details or Edit

3.       Select the option  "I'll enter additional info on my own" (or just click Continue if the "on my own" button isn't present)

4.       Scroll to "Corrected cost basis"

5.       Enter the correct basis (in most cases the same as your "Proceeds")

6.       Click Done
 

Tip: Don't confuse boxes A, B, D, E, and X on your TurboTax screen with the 1a, 1b, 1c (etc.) boxes on your 1099-B form. These are two completely different things.

Boxes A, B, D, E, and X often appear as headers or section titles on your 1099-B form instead of literal boxes. Exact wording varies between brokerages; for example, Box A from 3 different brokerage statements might read:

·         Short-term transactions for which basis is reported to the IRS—report on Form 8949 with Box A checked.

·         Short-term transactions for which basis is reported to the IRS--report on Form 8949, Part I, with Box A checked.

·         Short-term transactions for which basis is reported to the IRS—report on Form 8949 with Box A checked and/or Schedule D, Part I.

Nevertheless, they all mention Box A, so you'd check Box A in TurboTax and the next screen will open the 1a–1g boxes which correspond to your 1099-B form. Boxes B, D, E, and X work the same way.