topic Re: Need help for adjusted cost basis for RSU in Get your taxes done using TurboTax

Need help for adjusted cost basis for RSU

pk919 — Sun, 28 Feb 2021 01:55:35 GMT

I have Form 1099-B which lists short term transactions for which basis is not reported to IRS. This is through my employers RSU plan which was vested on various dates during 2020 and I sold them through 20 transactions.

There is a supplemental stock plan lot section in the tax document. Fidelity has listed other fields like adjusted cost basis for each of the transaction.

Question: Should I use adjusted cost or other basis from supplemental section and fill it in Box 1e in TurboTax?

Eg. each transaction in TurboTax by selecting 'I'll enter one sale at a time'-

For first transaction - Box 1d is Sale proceeds , Box 1e is adjusted cost or other basis field, Box 1g Wash sale loss disallowed $156, all other fields not applicable

Or should I select 'I'll enter a summary of each sales category' for total of all transactions -

Total 1d: 17321

Total 1e: 13083

Total adjustments 1g: 3347

Re: Need help for adjusted cost basis for RSU

WendyN2 — Mon, 01 Mar 2021 22:17:36 GMT

No, you should follow your first described approach following where you typed "eg". As for the cost, use the adjusted basis that was provided to you as that is what the IRS will be expecting in order to "reconcile" what they've already received from the brokerage firm (or whomever supplied you with the 1099-B) to what you are electronically filing.

Re: Need help for adjusted cost basis for RSU

pk919 — Wed, 03 Mar 2021 03:53:53 GMT

Thank you very much @WendyN2