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How do I ensure that "cost basis reported to the IRS" is captured correctly in Tax filing?

 
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1 Reply
JohnB5677
Expert Alumni

How do I ensure that "cost basis reported to the IRS" is captured correctly in Tax filing?

The amount sent to the IRS is what's on the 1099-B.

 

You can correct a basis from the 

  1. Sign into TurboTax
  2. There is a Sidebar to the left
  3. Under Federal
  4. Select Wages & Income
  5. In the main body, scroll down to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) 
  6. Depending on what you've already posted, you may see different screens
  7. If you've already entered transactions, select the account to change
  8. [Edit]
  9. Choose the stock (Use the Pencil)
  10. Under the Cost or other basis 
  11. Choose The cost basis is incorrect or missing on my 1099-B.
  12. Make the changes
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