What does "Form 1099-B Worksheet. Cost or Adjusted Basis must be entered" mean?

[chenxia195]

Could you import directly from your broker in stead of doing manually?  To avoid possible error by doing manual calculation and entering, I let Turbotax direct import from Morgen Stanley accounts, suprised had the same issue. 

[JoyW]

I encountered the same problem. Went back to the Wage & Income section, select 'stocks, cryptocurrency, mutual funds, bonds, other' section, and found need review sign next to two transactions. It turned out Etrade does not report the cost basis when you did a sell put and let it expire. Entered '0' as the cost basis, and it passed the check.  

[dpackard501]

What to I enter in my tax form for cost adjusted basis.

[JamesG1]

Cost basis is the original purchase cost of an asset (such as stocks, bonds, or property), plus any adjustments that result from transactions over the period you own the asset.

The Review error that you received means that the Cost or other basis is missing in the IRS form 1099-B transaction line.

To correct the form manually In TurboTax Online, follow these steps:

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Click the down arrow to the right of Investments and Savings.
4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
5. Click the down arrow to the right of the IRS form 1099-B.
6. Click Edit.
7. At the screen Review your sales, click the pencil to the right.
8. Cursor down to Cost or other basis.

[Bass2119]

My current stockbroker sold one of my stocks last year that I bought thru a different broker in 2013. The 1099-B form shows it without cost basis and I'm afraid the IRS will charge me income tax for the entire proceed. Neither I nor the old and current stockbrokers are able to find the cost basis for it. Any idea what to do in this case?

[ThomasM125]

You need to research the stock on the internet and see if you can find some historical cost data on it. If so, you can estimate the cost if you know what the price was around the time you acquired it.

[Bass2119]

Thanks for replying. I did the research and have an idea what I bought it for then, but will the IRS accept it since the 1099-B doesn't specify cost basis? 

[RachelW33]

Yes, it is perfectly normal for the cost basis to not specified on Form 1099-B, the IRS will not question this.  Just keep your documentation for how you arrived at your cost basis with your tax records in case they ever request it.  @Bass2119