topic Missing Info on 1099B in Get your taxes done using TurboTax

Missing Info on 1099B

kubotadave — Wed, 19 Feb 2025 22:28:03 GMT

My 1099 shows 2 sale dates of IAU but my activity on my account summary does not show any "sales" of that security. How do I determine a "cost basis"? These 2 transactions also show up as a "Gross proceeds investment expense. Running premier Turbo Tax and it cannot figure what to do with the 1099B that I imported from LPL Financial. Any help would be appreciated. The proceeds from these 2 transactions amount to $3.20.

Re: Missing Info on 1099B

RobertB4444 — Wed, 19 Feb 2025 22:38:41 GMT

They look like sales made in order to pay your investment fees. Since the total is only $3 then you can enter the basis as zero and you won't use any of the basis of that security so that you can save it for when you do sell it.

@kubotadave

Re: Missing Info on 1099B

kubotadave — Wed, 19 Feb 2025 23:01:29 GMT

I had tried entering 0.000 for the cost basis, but Turbo Tax will not accept that value as being valid.

Re: Missing Info on 1099B

MarilynG1 — Wed, 19 Feb 2025 23:16:21 GMT

TurboTax should accept $0 as a Cost Basis. Are you getting an error after entering this? It could be because you imported the 1099-B. Try deleting it and entering it manually.

If you're using TurboTax Online, close the program, and clear your Cache and Cookies first.

@kubotadave

Re: Missing Info on 1099B

kubotadave — Wed, 19 Feb 2025 23:33:12 GMT

I tried it again and Turbo seems happy. Thank you so, so much for the advice.