Cost or Other Basis is missing from my 1099-B, but I know the amount and I'm not getting an option to add it.

[chance108]

I did this before without issue, but TT has been giving me an issue with Box 1b, so I decided to just wait until today when TT said I could upload the 1099 (which I already had a PDF of long before today).

So now they are putting Box 1d as the Gain/Loss Amount which is not correct.  I do have the box checked that says "The cost basis is incorrect or missing on my 1099-B" but it's just not prompting me to enter the cost I paid for these stocks.

[DaveF1006]

It depends. To clarify, when you edit the transaction, will the program allow you to enter the cost basis in Box 1E?

[chance108]

I can enter it on the first page when I go back in as if I'm starting from the beginning, but I'd be putting something different than what my 1099-B says on it.  It says "$0.00" which is incorrect.

[DianeW777]

The 1099-B shows covered (company knows the cost basis) and noncovered (company has no knowledge of the cost basis) stock transactions.

You should enter the correct cost basis you know you have to complete the correct gain or loss on your sale/transaction.

It is normal for some transactions to have no cost basis when the company does not have all the data from purchase to sale.  This can happen when a person changes financial agents for example.

There is no issue to be concerned about when entering the correct data.

[hwisungi]

In my case, my broker (Fidelity) provided me with Form 1099B with box 1e (Cost or Other Bases) with a non-zero value, but with a letter "(e)" suffixed to the value.

When TurboTax imported this data from my broker, it is recorded with no value filled in the "Cost or Other Basis" in its Form 1099B, with (in the "Quick Entry Table" for Form 1099B in TurboTax (Premier):

    1. "Basis Reported to IRS" set to "No",

    2. "Reported on Form 1099B" set to "Yes"

However, my broker provided "Supplemental Information" with "Adjusted Cost or Other Basis" for the sales with a bigger value than what they had in their 1099B.

So, in this case,

A. should I put any value other than zero in TurboTax's 1099B form for this sale?

B. If so, which of the two values should I put?

    b.1. the value in box 1e in broker-provided 1099B, OR

    b.2 the value in "Adjusted Cost or Other Basis" box in broker-provided "Supplemental Information"

C. If I do not put any, put zero, or b.1 (i.e., non-adjusted cost basis) in TurboTax's 1099B, where should I correct (or adjust) the basis? It seems like I can do that through the "Quick EntryTable" for Form 1099B in TurboTax (Premier)? Is that the right place?

[GeorgeM777]

Question A. - No, don't just pick any value.  Use the value that was provided on the Supplemental Information provided by your broker.  The Supplemental Information may not update everything on your 1099-B; however, it will provide updates for specific securities.  Thus, use the Supplemental Information whenever it updates information on your 1099-B.

Question B. - Use the Supplemental Information because it provides the most up-to-date information.  However, there may be information on your 1099-B that did not get updated by the Supplemental Information.  In that case, just continue to use the 1099-B.   

Question C. - If you decide to enter what is on your 1099-B, but you believe that the cost basis will need to be adjusted, then on the page where you enter your trade information, select the box The cost basis is incorrect or missing on my 1099-B.  On the next page, you will have the option to adjust your cost basis. 

@hwisungi

[BC1947]

I down loaded stock transaction to TT Premier on my desktop. How do I update transactions for which cost basis is not reported to IRS?

[GeorgeM777]

Because you are using TurboTax desktop, follow these steps:

1. After opening the application, select the Personal Income tab, and then scroll down to Investment Income.
2.  Select Stocks, Mutual Funds, and Bonds.  
3. On the next screen, you should see a list of your investments.  
4. Select Edit across from the transaction you need to update.
5.  After a few screens you should see a screen with information about your uploaded 1099-B.  
6. Continue through the application until you reach the screen, Select any less common adjustments that apply.  
7. One of the options on the above screen is The cost basis on my statement is incorrect.  Select this option and you will see a field where you can enter the corrected cost basis. 

@BC1947