topic Re: Form 8949 in Get your taxes done using TurboTax

Form 8949

w00dsl1nda — Tue, 01 Apr 2025 21:25:20 GMT

i need to enter cost basis on stock sale for which Schwab did not have original basis. I did an override on 8949 to include a cost basis. is that ok?

AmyC — Tue, 01 Apr 2025 21:28:28 GMT

Yes, you need to adjust for the correct cost basis.

w00dsl1nda — Tue, 01 Apr 2025 22:21:31 GMT

Turbotax indicates i cant efile with the overrides on Form 8949. is there a way to fix that?

w00dsl1nda — Tue, 01 Apr 2025 22:23:24 GMT

not sure if response was sent. Turbotax wont efile with the overrides of the cost basis on Form 8949. Any way to fix that?

JamesG1 — Tue, 01 Apr 2025 23:21:16 GMT

Reversing the override will now allow you to electronically file your tax return.

In TurboTax Premium Online, report the correction of the cost basis as follows:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click the down arrow to the right of Investments and Savings.
Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
At the screen Let's finish pulling in our investment income, click the down arrow to the right, then select Edit.
Select the pencil icon to the right of the transaction to be edited or corrected.
Enter the cost basis information. Select The cost basis is incorrect or missing on my 1099-B. Continue.
At the screen We noticed there's an issue with your cost basis, select I know my cost basis and need to make an adjustment. Continue.