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kmvt
New Member

1099-B - what to enter if cost basis date is n/a because it was a principal payment

I have a 1099-B with an unknown cost basis... the date acquired says n/a and in the "additional info" it says it was  a principal payment (so not a sale).  I don't think this income is supposed to be taxed, but I don't know what to enter in turbo tax for the date and/or the cost basis. There are no "n/a" options! 

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1 Reply
JamesG1
Expert Alumni

1099-B - what to enter if cost basis date is n/a because it was a principal payment

Do you have an IRS form 1099-B that does not report cost basis or date acquired?

 

There are cases when the issuer of the IRS form 1099-B does not have the information or is not required to report the information that they have.  

 

You may have to refer to your personal records including sales tickets to locate the information that is needed.

 

You may enter an IRS form 1099-B into TurboTax Premium Online on a One by one basis by following these steps.

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Wages & Income.
  3. Click the down arrow to the right of Investments and Savings.
  4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
  5. Click Add investments.
  6. On the Let's import your tax info screen, select Enter a different way.
  7. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
  8. At the screen Which bank or brokerage, enter the information.  Click Continue.
  9. Do these sales include any employee stock, enter No.
  10. Do you have more than three sales, enter No.
  11. Do these sales include any other types of investments, enter No.
  12. Did you buy every investment listed, enter Yes.  Continue.
  13. On the screen Now, choose how to enter your sales, select One by One.  Select Continue.
  14. At the screen Look for your sales on your 1099-B, select Continue.
  15. Enter the information.  Select The cost basis is incorrect or missing on my 1099-B.  Continue.
  16. At the screen We noticed there's an issue with your cost basis, select I know my cost basis and need to make an adjustment.  Continue.
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