Where can i enter my stock cost basis?

[nmbiraj]

my 1099-B does not show the cost basis for stock sales. where can i enter it manually?

[DawnC]

When you enter the 1099-B, the basis gets entered into the Cost box (1e).   Instructions are in the link.  The cost basis on your 1099-B may be $0.  Or, you may have received a $0 value from your import.   Enter the amount that is on your form.   Since you’re unsure of your cost basis or know that it’s incorrect, check the box The cost basis is incorrect or missing on my 1099-B.   

Since you clicked that box, you will get a screen to enter your correct basis.

Cost basis refers to the cost or other basis of an investment.   In most cases it's simply the total amount you paid for the investment items you sold.   It's important because it determines how much of a taxable gain -- or a loss -- you claim on your tax return. If you don't report a cost basis, you'll be taxed on the entire sale price, and you don't want that.

Usually the cost basis is reported on your Form 1099-B.   But if not, then click here for some tips that could help it.

[nmbiraj]

Let me provide a little more detail:

1. All the purchases are long term - prior top 12/31/2010

2. I have the cost basis for all the transactions.

3. The 1099-B does not include the cost-basis, because the IRS does not require it for anything prior to 12/31/2010.

4. The broker left the 'Date Acquired', 'Type of gain/loss' blank.

5.  In TurboTax, do I just enter the total cost basis, select 'Long Term Noncovered' and leave it at that, or do I need to provide the individual transactions showing the cost basis - if so how or where do I do that in TurboTax?   

[RaifH]

You can do it either way. If you have a lot of transactions, you will probably want to report a summary of your sales. You would report them under the Sales section Long-term basis not reported to IRS. Enter the total in the proceeds and the reported cost (if any). Then click the I need to adjust my total cost basis as instructed above, using code B. You will want to adjust it with a negative number. If you choose to do it this way, you can attach a pdf of the 1099-B to your tax return once you are done entering the sales.

You may also enter the transactions individually. Select Stocks as the investment type and choose to type it yourself. After answering a few questions about your sales, select One by one in Now, choose how to enter your sales. Enter each as Long-term basis not reported to IRS or Unknown term basis not reported to IRS, as reported on Form 1099-B. You will put in your acquisition date you have on record, as well as the proceeds and cost as reported on 1099-B then select The cost basis is incorrect or missing on my 1099-B. After one more screen, you may enter your actual cost basis. If you adjust each sale individually in this manner, you will not need to attach a copy of your 1099-B to your return. 

[nmbiraj]

On the screen for the 1099-B, I am not seeing an option for 'One by One'!

[JohnB5677]

Go to Wages & Income

1. Scroll to Investments and Savings

2. Time to kick off your investments! = Okay

3. Relax. We got it.= Continue

4. Let's import your tax info = Enter a different way

5. There are five boxes available

   1. Interest

   2. Dividends

   3. Stocks, Bonds, Mutual Funds

   4. Cryptocurrency

   5. Other

6. You will select Stocks, Bonds, Mutual Funds = Continue

7. Which bank or brokerage sent you a 1099-B for these sales? = Enter the Info

8. Tell us about the sales = Yes/No

9. Now, choose how to enter your sales = One by one

You will then go through an interview process to describe the sale.  

[user17717967831]

They show noncovered  I have no records and can not find cost for the shares  . How can I report just as money received.

[RogerD1]

If your 1099-B has sales for non-covered shares that you had sold, and you have no records of the cost basis, these can be reported in the 1099-B in TurboTax with a basis of zero, however this could result in a large tax bill because the full amount will be taxable.

Were these Restricted Stock Unit shares from your employer?  These are often reported as non-covered shares with a zero basis, but sometimes the broker who sent the 1099-B might supply some supplemental information that gives the basis information - you might want to check your 1099-B pages to see if that information may be present.  Alternatively, you may also be able to get records from your employer to report or reconstruct the basis of the sold shares.

The shares may also be non-covered if they were originally bought before 2011 (for stocks and ETFs) or before 2012 (for mutual funds and Dividend Reinvestment Plans (DRIP)).  If this is the case, they would be long-term investments that would be taxed at the more favorable capital gain rates.

If you need additional help, please provide as much detailed information as possible (do not include personal information though) - that will help us to better help you.