Where do I enter the adjusted cost basis when I've selected that the cost basis is incorrect or missing on my 1099-B?

[FangxiaL]

After you check the box that the cost basis is incorrect or missing on my 1099-B, select Continue to the next screen where you can enter the correct basis.

[tyler-yoesting]

That screen does not appear for me. How do I get that to appear if selecting the box doesn't work?

[GeorgeM777]

Press Continue at the bottom right of your page.  After entering your information on the page Now, enter one sale on your... and you check the box The cost basis is incorrect or missing on my 1099-B, press Continue.  The next page should be what @FangxiaL previously posted.  

@tyler-yoesting

[tyler-yoesting]

That screen does not appear, as I previously said. How do I get the screen to appear when those options do not work?

[tyler-yoesting]

I tried completely removing the 1099-B and adding it back and it still doesn't give me the option to enter the adjusted cost basis.

Is it ok to enter the adjusted cost basis in the line for the 1099-B cost basis even if it doesn't agree to the actual 1099-B?

[GeorgeM777]

If, after signing out and clearing cache and cookies does not work, then enter the basis you feel is correct in Box 1e.  While your Form 8949 will not reflect the adjustment in column (g) that you have made, at least the gain/loss will be correct.   Your goal is to have an accurate tax return with regard to gains/losses and if the basis you entered is correct, even though your 1099-B reflects a different basis, then Form 8949 will at least reflect correct gain/loss amounts.  

Keep your records that justify the adjustments you have made in the event you are asked to explain your analysis.  Additionally, after entering what you believe is the correct basis in Box 1e, leave a check mark in the box for The cost basis is incorrect or missing on my 1099-B to see if that triggers the missing page. 

@tyler-yoesting

[w2774]

I have the exact same problem.  I need to adjust a cost basis for a stock purchase.  After clicking the pencil next to that entry on my 1099-B page, I check the box "the cost basis is incorrect or missing on my 1099-B"

I click "Continue" at the bottom

I select "None of these apply" and hit "Continue"

Turbo tax takes me back to the "Review your <> sales" page.  It never asks me to enter the adjusted Cost basis.  Is this the expected behavior?  If so where can I adjust the cost basis?

[GeorgeM777]

Don't put a check mark in the box None of these apply.  Instead, leave it blank and select Continue.  You are correct to put a check mark in the box The cost basis is missing or incorrect on my 1099-B.  The next page after you deselect None of these apply, should be the page where you can enter your adjusted cost basis.  

@w2774

[w2774]

Hi @GeorgeM777 , I just tried your suggestion and that didn't work for me.  The behavior is the same after I click continue whether or not I have "None of these apply" checked.  It returns to my list of sales and doesn't prompt for the adjusted value.

This morning I was trying to find a workaround to this.  This sale was imported automatically by connecting to my Brokerage and importing my 1099-B.  I noticed that if I create a new test entry through "Add investments" -> "Enter a different way" -> "Stocks, Bonds, Mutual Funds" and manually enter a sale, it will actually prompt me for the value of the adjusted cost basis when I have  "the cost basis is incorrect or missing on my 1099-B" checked

[GeorgeM777]

Yes, your work-around will indeed work and will be added to suggested options for customers with the same or similar issue.  Thank you for the follow-up.  

@w2774

[daisimae1965]

I have a few sales for which there is no cost basis on my 1099B.   Turbotax tells me to leave the basis as 0 and click the box that says "basis missing or incorrect" and I will be prompted later to adjust.   This never happens.   I tried to enter this section of my 1099B manually and it does give me the option but then the items keep coming up as  "need review" even though all info is correct.    I'm at a loss!   HELP!

 Since these sales are "basis not reported to IRS" can I simply put the correct basis in the original screen and leave the "basis missing or incorrect" box checked?   It seems to work

[DianeW777]

Yes. Put the basis in the original screen and leave the box checked.  

Note:  Brokers are required to show 'noncovered' if they do not have the information about the cost basis or holding period. This happens usually for one of two reasons.  

1. The fund or stock was transferred to them from another broker and they don't have the history; or
2. It was held with them for longer than the IRS began to require this information from the broker. (The owner of the investment was always required to have this information in the past.

Go to the investment sales in question and make the necessary entries for holding period and acquired.

• Search (upper right) for 1099b > Click the Jump to... Link > Edit next to the sale in question > make your changes

@daisimae1965