Something wrong with turbotax apps, 1099-B [1e] "Cost or other basis($)" reported instead of [1d] Proceeds($). It led to $1467 penalty with $657 interest due to big delta

[95037ca]

There is something wrong with turbotax system, my 2023 tax refund was filled incorrectly which 1099-B [1e] "Cost or other basis($)" reported instead of [1d] Proceeds($). It led to $1467 penalty with $657 interest due to $33131 delta. Please investigate where it went wrong and find me the solution to waive the penalty.

[DaveF1006]

To clarify, would you tell us the details of the stock transaction? What was the cost basis reported on your 1099 B?  What were the proceeds. When did you buy the stock? When you sell the stock? How was this reported in your return? Was the information in your return reported differently than was reported in your 1099B?

[95037ca]

The right side picture is the IRS notification letter indicating I reported the number from the column [1e - Cost of the order basis($)] instead of the number from the column [1d - Proceeds($)] for 1099-B from Computershare Inc. I recall it was filled by the system automatically when we do data importing from a stock account. There seems to be something wrong with the system, I cannot find the 8949 form from Computershare Inc attached to my tax application final report either. but it did report along with my 2023 tax refund application otherwise it wouldn't show on the IRS letter that the number reported is not matched to the one from a third party. Most of the stock I sold has a cost, except one entry that came from the company LTI (long term incentive) bonus. It looks like everything is messed up due to the Computershare Inc 8949 form missing from my application form. Therefore it led to a big amount of penalty and I need to pay extra tax back to the IRS. Please help investigate where the root case is

[95037ca]

The right side picture is the IRS notification letter indicating I reported the number from the column [1e - Cost of the order basis($)] instead of the number from the column [1d - Proceeds($)] for 1099-B from Computershare Inc. I recall it was filled by the system automatically when we do data importing from a stock account. There seems to be something wrong with the system, I cannot find the 8949 form from Computershare Inc attached to my tax application final report either. but it did report along with my 2023 tax refund application otherwise it wouldn't show on the IRS letter that the number reported is not matched to the one from a third party. Most of the stock I sold has a cost, except one entry that came from the company LTI (long term incentive) bonus. It looks like everything is messed up due to the Computershare Inc 8949 form missing from my application form. Therefore it led to a big amount of penalty and I need to pay extra tax back to the IRS. Please help investigate where the root case is.

[RobertB4444]

Here is how to contact TurboTax support.

You'll need to contact TurboTax directly for help with this issue.  

If you had the TurboTax Audit Protection you can contact them here.

@95037ca