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1099-b without cost basis can't edit in form view, only seem to be able to edit one at a time in easyinput

I have a 1099-B where no cost basis has been recorded, I have like ~900 entries to make.

Can I enter a total? or at least edit a bunch in the form view? I can't figure that out.

It takes a long time when you do it one at a time.

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Accepted Solutions

1099-b without cost basis can't edit in form view, only seem to be able to edit one at a time in easyinput

All the IRS really needs for a successful efile from a 1099-B is the totals in four categories (usually referenced as Boxes A, B, D, and E). These are short-term reported to the IRS (Box A), short-term not reported (Box B), long-term reported (Box D) and long-term not reported (Box E). Most broker statements show those subtotals and you can just enter the subtotals and check that it's a "group" entry. 
They'll probably ask you to mail in a copy of your broker statement with form 8449 and form 8453, but the return will process and be accepted before they get that and match anything up. 
In any event, hang on to a copy of the broker statement in case you get audited and need to show the auditor where you got those subtotals!

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2 Replies

1099-b without cost basis can't edit in form view, only seem to be able to edit one at a time in easyinput

All the IRS really needs for a successful efile from a 1099-B is the totals in four categories (usually referenced as Boxes A, B, D, and E). These are short-term reported to the IRS (Box A), short-term not reported (Box B), long-term reported (Box D) and long-term not reported (Box E). Most broker statements show those subtotals and you can just enter the subtotals and check that it's a "group" entry. 
They'll probably ask you to mail in a copy of your broker statement with form 8449 and form 8453, but the return will process and be accepted before they get that and match anything up. 
In any event, hang on to a copy of the broker statement in case you get audited and need to show the auditor where you got those subtotals!

JamesG1
Expert Alumni

1099-b without cost basis can't edit in form view, only seem to be able to edit one at a time in easyinput

You may enter summary information instead of each individual transaction.  It sounds like you would be entering:

 

  • Sales section title of Short-term basis not reported to IRS (noncovered),
  • Sales section title of Long-term basis not reported to IRS (noncovered),
  • Select I need to adjust my total cost basis with Adjustment code B.

Create a .PDF of the IRS form 1099-B to upload into TurboTax Premium Online.  Follow 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 Yes.
  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 Sales section totals.  Select Continue.
  14. At the screen Look for your sales on your 1099-B, select Continue.
  15. You will now be able to enter the total proceeds (sales) and cost basis, along with the sales category. 
  16. When finished, select Continue
  17. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
  18. When completed, close the record and click Continue.
  19.  At the screen Now, we'll help you upload your 1099-B since the IRS requires a copy, browse and select your document.  Select Continue.
  20. When you upload your document, your filing instructions will not show that anything needs to be mailed in, and no IRS form 8453 will be generated.

@PPatla512 

 

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