topic Tax Year Prior to 2020: 1099-B AND 8949 in Get your taxes done using TurboTax

Tax Year Prior to 2020: 1099-B AND 8949

BigBear81 — Mon, 22 May 2023 19:25:11 GMT

I sold stock in 2019 and it was added to my wages on W2. This amount is being taxed, but when i fill out the 1099-B I get taxed on the stock a second time. How do i eliminate that second tax? Thanks in advance.

Re: 1099-B AND 8949

DavidD66 — Tue, 31 Mar 2020 23:31:03 GMT

You have to adjust the Cost Basis for the stock sold.

TurboTax has an interview for the sale of ESPP stock. Do not import you Form 1099-B with the sale of the ESPP stock. Instead, enter it yourself. To do so in TurboTax, (if using Online be sure you are logged in to your return):

Click on Search
Type “1099-B“ in the Search Window and hit Enter
Click on Jump to 1099-B
Click on + Add More Sales
Answer Yes to: "Did you get a 1099-B or a brokerage statement for these sales?"
Click on "I'll type it in myself"
Enter your Brokerage name
Answer Yes to "Do these sales include any employee stock?"
Click the box to indicate the number of sales.
Click Continue on screen with "We strongly recommend entering your sales from [brokerage] one at a time"
Continue on the screen with "Now we'll walk you through entering the info on your [brokerage] 1099-B" and enter the details of your stock sales.

Re: 1099-B AND 8949

BigBear81 — Tue, 31 Mar 2020 23:49:21 GMT

This was company stock and i am using turbo tax deluxe which i downloaded. not sure if it changes anything but having trouble locating the tips you suggested.

Re: 1099-B AND 8949

VictorW9 — Wed, 01 Apr 2020 00:22:09 GMT

You need Premier. This version of TurboTax covers ESPPs.