topic Sale of a stock - TT says I need to review this item in Get your taxes done using TurboTax

Sale of a stock - TT says I need to review this item

PamB2 — Mon, 09 Mar 2026 08:41:40 GMT

The 1099-B, Proceeds from Broker and Barter, etc., has blanks in all the sections on the form except for date sold, number of shares and proceeds. The whole sale was worth $610.44, but am I getting this message from TT because the other boxes are blank?

Re: Sale of a stock - TT says I need to review this item

DaveF1006 — Wed, 09 Mar 2022 17:20:34 GMT

Yes, you will need to contact the broker to fill in those missing details. This information is used to calculate your capital gains tax and is vital in determining if it is a long-term or short term capital gain

Re: Sale of a stock - TT says I need to review this item

PamB2 — Wed, 09 Mar 2022 17:54:55 GMT

I called the company and they said the form is correct, there should not be anything in the cost basis box. They suggested that this is the case because the amount is so small ($610.44) that I probably don't even need to declare it. Not sure what to do.

Re: Sale of a stock - TT says I need to review this item

AmyC — Wed, 09 Mar 2022 18:07:13 GMT

The company has the box blank because they don't know the basis. The IRS requires the investor to keep up with the basis. The basis equals what you paid plus expenses to purchase and sell. The IRS says if you don't know the basis, enter zero so that you are taxed on the full amount.

Whoever told you to not declare income on your tax return is nuts. You have a legal tax form and it does go on your return.

I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your carryover information, and proof of your basis in your various investments. You must keep tax records from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses / carryforwards/ basis.

You can also use a spreadsheet. The IRS released this example relating to virtual currency but same premise for any investment, you have to know what you paid and when:

Re: Sale of a stock - TT says I need to review this item

bettycor — Wed, 09 Mar 2022 22:06:04 GMT

Turbotax wouldn't let me enter 0 as a cost basis. Said it has to be a positive number. So I entered .01.

Re: Sale of a stock - TT says I need to review this item

Nan2C — Wed, 09 Mar 2022 22:30:19 GMT

I just did this! If your broker doesn't have the information (if these are non covered shares = not tracked by brokerages previous to 2012 - 2016 depending on whether it is a stock, a mutual fund or a bond)

You will need to have saved your trade confirmations along with any dividends reinvested previous to when the broker started tracking.

If you have changed institutions the current brokerage house may not have your cost basis.

It is vital to keep trade confirmations (taxable accounts)

IF they stock has spit / merged / been bought out.... you have some archeological work to do.

I have another post on HP and related adventures. (do a search on Turbo tax for more information... and for an example you can check out HP Alumi information.

I have never sold any of it (2001 purchase) I have ended up with 6 stocks one of which was bought out in 2021 (perspecta.) To find the cost basis I had to follow all the splits and spin offs back to 2001.

If your stock was a spin off, you do have a cost basis. If you bought previous to 2012 you have to determine it yourself. Statements, Trade confirmations, Fees, GOOD LUCK You will learn something for the future.

My bet is that you do have a cost basis. I did all the work for $13.00 and a good lesson! If you have minimal gains, just be aware for the future or you will be paying more in tax than you need. And worst case is that that income that shouldn't be income bumps you into a higher tax bracket. This can be extremely painful when you are on medicare and after retirement if it affects your income related adjustments charged by social security for medicare.

Re: Sale of a stock - TT says I need to review this item

Nan2C — Wed, 09 Mar 2022 22:33:47 GMT

Quick questions to ask yourself:

what stock was it

what was the price per share

when did you originally buy it

was it a spin off

did it split

did it merge

was it bought out by another company (private company) and dissolved

did you sell it (or was the gain derived from one of the above reasons)