Cost Basis Reported

Forum|Forum|3 years ago
February 25, 2023
1 reply
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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.

TurboTax Business Windows

ErnieS0

Level 15

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.

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jean0607Author

Level 2

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

PatriciaV

Level 15

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

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"?

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