1099-B, long-term transaction for which basis is NOT reported to the IRS.Is this mean I don't report on my tax return?

[HelenaC]

No, this means that your brokerage company did not have the dollar amount that you paid for the stock so they did not report the cost basis. They did report the sale proceeds to the IRS so you have to report it on your income tax return.

You have to enter what you paid for the stock otherwise you will pay taxes on the total amount of the sales proceeds of the stock.

For tax-reporting purposes, the difference between covered and noncovered shares is this:

• For covered shares, we're required to report cost basis to both you and the IRS.
• For noncovered shares, the reporting is sent only to you.

Related information:

• How do I add or edit a 1099-B?

[KeKoester]

My statement from TDA for my sales of stocks  indicates a cost basis but says it was not reported to the IRS should I indicate the cost basis was wrong and enter it when completing everything in Turbo Tax?

[ToddL99]

If the cost basis on the 1099-B is correct, leave it as shown on (or imported) the form from TDA.

If the cost basis is incorrect, indicate that in the interview and enter the correct cost basis.

[leviton11]

I do not understand why my broker, Fidelity, is saying they do not have the cost basis because this stock was transferred from my Raymond James account and the cost basis information was also transferred.

[GeorgeM777]

We need you to clarify some information.  If your stock was transferred to Fidelity from Raymond James, and the transfer included your original basis, then your 1099-B should reflect your original basis.   However, if Fidelity did not know the basis for your stock, then your 1099-B may reflect the basis as zero.

In either situation, if an adjustment needs to be made to the basis, then begin the process to make the adjustment by going to Investment and Savings (TurboTax online).  Then follow these steps:

1. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).  
2. If you have already entered some investments, then select Add investments.   
3. You can import your tax info on the screen that gives you that option or you can choose Enter a different way.  If you select Enter a different way, then select the investment type--which in your case would be Stocks, Bonds, Mutual Funds.  
4. Continue through the application, and when you get to the screen Now, enter one sale on your [Name of Brokerage] 1099-B, scroll down and check the box indicating that The cost basis is incorrect or missing on my 1099-B.  
5. Continue through the application.  At the screen We noticed there's an issue with your cost basis...Let us know if you'd like to make changes, check the appropriate box and enter your information. 

@leviton11