topic Re: Suggested method for data input in Get your taxes done using TurboTax

Suggested method for data input

Bain999 — Mon, 09 Mar 2026 09:12:10 GMT

We have a stock that was inherited years ago. We have carefully kept track of basis and associated cost parameters.

It was sold last year and the 1099-B from the Broker showed a cost basis of $0.00. I have replaced that value with the appropriate cost as I entered the data into TT.

What is the suggestion to make sure that this does not raise a flag with the IRS?

Re: Suggested method for data input

MaryK4 — Thu, 03 Mar 2022 21:46:39 GMT

If the 1099-B has a cost basis of zero, you do not want to enter something different. Instead check the box for "The cost basis is incorrect or missing on my 1099‑B.". Then you can enter the correct basis as below. Regardless, be sure to keep the information with your tax for at least three years in case you are audited.

Re: Suggested method for data input

Bain999 — Thu, 03 Mar 2022 22:19:39 GMT

Thanks for the answer but I am more confused.

You said "Instead check the box for "The cost basis is incorrect or missing on my 1099‑B."."

Well I have combed through the interview and did not find where I could find any option for an incorrect basis.

I must be missing something.

Re: Suggested method for data input

ThomasM125 — Thu, 03 Mar 2022 23:04:00 GMT

Depending on what version of TurboTax you are using, you should see a screen that says Select any less common adjustments that apply after you enter your investment sale information. One option is to indicate that the cost basis is wrong, as follows:

When you click on that option, you will be able to enter a corrected cost basis.

Re: Suggested method for data input

Bain999 — Thu, 03 Mar 2022 23:15:05 GMT

I am using the Premier version of TT.

During the interview my election is to enter a summary for each sales category.

None of the options you outlined appear at all. Is it because I am looking at a summary?

In any case the brokerage reported no cost basis and I can override with the actual cost. My question is that what I am expected to do?

Re: Suggested method for data input

MarilynG1 — Thu, 03 Mar 2022 23:39:31 GMT

Yes, you don't want to select the 'Summary' option for reporting a single stock sale. If you had many transactions, this is a good option, but does require mailing 1099-B info to IRS afterward.

Type '1099-b' in the Search area, then click on 'Jump to 1099-b'.

At the Investment Sales Summary page, Edit/Review your transaction. You may get a second screen with a Pencil Icon to Edit.

Re: Suggested method for data input

DanP0428 — Thu, 03 Mar 2022 23:58:51 GMT

Because you know your basis, just type it in. Keep your records in case the amount is ever questioned.