How do I input my total cost basis with a blank box 1e?I tried "I need to adjust my total cost basis" but the number was added to box 1d instead of subtracting.

Forum|Forum|4 years ago
March 1, 2022
4 replies
40 views

Let's say my proceeds (box 1d) are $150 and my total cost basis (box 1e) is $300. Instead of saying I took a loss of $150, it's saying I made $450. I did try to input it as negative number, but I'm sure that the IRS would have some questions for me.

TurboTax Premier Online

ThomasM125

Alumni - Intuit

You may have made an entry to adjust your reported cost basis and that is affecting your gain or loss.

You can adjust your cost basis because it was reported wrong on your form 1099-B. If so, you will see a screen after you enter your investment sale information that says Select any less common adjustments that apply, on which page you will select The cost basis on my statement in incorrect and then be instructed to enter the correct cost basis.

The entry you make there will become your new cost basis and the difference between that amount and your original cost basis will be entered on your form Schedule D Capital Gains and Losses. Your gain or loss will then be the difference between your proceeds and the new cost basis that you entered.

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