Questions of Cost adjustments for Noncovered securities in 1099-B?

Juliaxyw — Fri, 10 Oct 2025 04:03:10 GMT

In my 1099-B from E*Trade, The first issue is that the broker does not include the basis of noncovered securites with only three transactions, and I also received Schedue K-1 and K-3 for the three noncovered securities. Actually the stock has been sold with losses shown in Schedule-K, but since no basis was deducted, the three transactions ended up with a large gain. The second issue is that I exported 1099-B to TurboTax but I noticed the system only exported one of the three transactions,and I don't know why this happened. I found these two errors by looking at the Form1099-B worksheet in Turbo Tax. I want to add back the cost basis for the nocovered securites and also add back the other two transactions' proceeds and cost basis to reflect the actual loss. I have two questions:

I. I don't know how to use the TurboTax software to add basis and also add the other transactions because I already exported data directly from the broker website to my computer. Should I just open the Turbo Tax worksheet to fix the two errors manually? Would corrections manully affact other data of my tax return in TurboTax?

2. May I just use the cost basis shown on the schedule K-1 to adjust the cost basis for the noncovered seceruites? Please advise. Thank you.

Re: Questions of Cost adjustments for Noncovered securities in 1099-B?

fanfare — Fri, 10 Oct 2025 07:40:44 GMT

For non-covered securities ( BOX B or E) showing zero (wrong) basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g).
For Box A or D, leave basis as reported, use Code "B" and put an adjustment in col(g).
If the basis is not reported to IRS, there's nothing to adjust.
-
If you check the box indicating you have other boxes on your 1099-B to enter, TurboTax will do it this way.

@Juliaxyw

topic Questions of Cost adjustments for Noncovered securities in 1099-B? in Get your taxes done using TurboTax

Questions of Cost adjustments for Noncovered securities in 1099-B?

Re: Questions of Cost adjustments for Noncovered securities in 1099-B?