Cost Basis Reported

[jean0607]

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. 

[ErnieS0]

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.

[jean0607]

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

[jean0607]

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?

[ShirlynW]

To address the question, I would like to do a Diagnostic. The diagnostic code is used by the TurboTax Agent to view your "scrubbed" copy of your return when you are having certain problems that cannot be resolved.  You, the customer give the agent this code for them to enter.  Your personal information is removed. Here are the steps to get the code:

1. Sign in to their TurboTax account.
2. Open or continue their return.
3. In the left panel, Select Tax Tools, and then Tools
4. In the Tools Center pop-up, select Share my file with Agent
   • They’re notified that all personally identifiable information (PII) is being removed
5. Tell you the seven-digit token number that appears
6. Select X to close the Tools Center pop-up

Please add this token number to your post.

@ShirlynW

[jean0607]

Here is my token number 1087072. I really appreciate you looking into this for me. sorry I didn't see your reply sooner -- its been a busy week! 

The issue is with form 8942 copy 2 - -the summary entries. The ones where I entered each stock individually appears to be fine. 

[ShirlynW]

Would you please tell me what state is associated with this return.

[jean0607]

The state is NJ.

[ShirlynW]

I noticed you said you were using TT Business. Please clarify what type of return are you filing? 

Thank you.

[jean0607]

It is for a partnership and I am filing a 1065. 

[PatriciaV]

Please clarify if you are entering summary information for each type of sale. Also, on Schedule D under the Exception statement, is Line B2 marked "Yes"?

[jean0607]

Yes, the issue is with the summary information I entered. That is broken down into long and short term. The stocks I entered individually because no cost basis was reported to the IRS don't seem to be an issue. It is only the summary entries that show incorrectly that they were not reported to me on a 1099 B even though I clearly checked that they were reported on a 1099 and that cost basis was provided. 

Yes, Schedule D under exception line B2 is marked yes. 

[DaveF1006]

Go to your forms. Locate Schedule D and go to exceptions.  Make sure the box is marked yes indicating that the sale was reported on a 1099B.

@jean0607 

[jean0607]

Hi, Yes -- under exceptions on Schedule D,  "yes" is checked for both 1 (reported on 1099) and 2 (basis reported to the IRS) However, on Form 8949 (Copy 2),  it continues to say that these summary entries were not reported to me on a 1099.  These summary entries are separated into long-term and short-term and for both it says they were not reported on a 1099.  I just don't want there to be conflicting information since I am worried that it will raise a red flag. 

The trades I entered individually (which show on Form 8949(Copy 1) have box E checked which is correct because the cost basis was not reported to me on a 1099. 

Am I just overthinking this? I guess I could try to enter each individually but it would be a lot of effort as this is our final return and we had a lot of sales (small sales that were purchased through dividend reinvestment so its a long list. )

Also I appreciate the answers and the assistance from all. 

[DaveF1006]

No, I would still put the check mark for the summary sales indicating the basis was reported if you checked all your entries. If the IRS examines it, make sure you have all your reporting documentation handy just in case proving you reported everything correctly.

@jean0607