Cost Basis Reported

Forum|Forum|3 years ago
February 25, 2023
1 reply
0 views

My 1099 indicates that the cost basis was provided to the IRS and when asked in TT, I checked the box that said it was reported. However, I noticed when reviewing my tax form the box that said it was not reported was checked. I don't understand why. I double checked to make sure I had checked off the right box in the step by step. I did an override and changed it on the form to check the correct box, but then I get an error message that says it might cause issues when things are being cross-checked. Is this an issue with TT itself or is there something I am not understanding. Thank you so much.

TurboTax Business Windows

ErnieS0

Level 15

Check your entries. Any transactions with cost basis reported to the IRS are either Box A or Box D transactions. You should have to override.

You will not be able to e-file with overrides. Additionally, an override voids the TurboTax 100% Accurate Calculation Guarantee.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

jean0607Author

Level 2

Thank you for your response. I will delete and enter again (for the third time) and will see what happens.

jean0607Author

Level 2

It won't let me post a screenshot here, but I checked off the box that said it was reported to me on a 1099 - B and that the basis was reported to me, but when I look at Form 8949, box F is checked saying that I had long term transactions not reported to me on 1099B. Everything I entered was reported to me on my 1099. In addition, for short-term transactions Box c (which states that short-term transactions were not reported to me on 1099-B) is checked. I have checked and then deleted and redid it and I DEFINITELY checked that it was reported to me on a 1099 AND that the cost basis was reported. Please help. If I override it I can't e-file it. I know you used to be able to enter things directly into forms without using the step-by-step directions and I can't seem to be able to do that. If it helps this is TT for business. Thank you to anyone who can help. Also, does anyone know a number I can call at TT to help with this?