1099B Needs Review

Forum|Forum|2 years ago
March 14, 2024
1 reply
19 views

I imported 1099B information. Securities sold were inkind distributions from my IRA. Hence the value of the securities at the time of distribution were taxable. I subsequently sold these securities. The 1099B from the sales indicates no cost basis.

I checked the box "The cost basis is incorrect or missing on my 1099B". Then later when Turbotax asks if I know my cost basis and need to make an adjustment - I entered the correct cost basis information.

I still have a "needs review" flag on the entry.

If I enter the cost basis on teh form information - it goes away - but that seems contrary to the instructions.

DawnC

Level 15

Some TurboTax customers with 1099-Bs may be seeing an issue when trying to delete sales where if a sale says needs review and a sale is deleted, the "Needs Review" is replicated.

When deleting enough sales, the needs review will populate to the point of not being able to see the trash can. To work around this, scroll to the bottom of the page and then scroll to the right. The trash can will then be visible. We apologize for this inconvenience.

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billnet2Author

Level 2

These are bonafide sales of securities. The 1099Bs shouldn't be deleted since they were reported to IRS. In some instances the cost basis is the same as the amount when distributed from my IRA, in others it differs. So the 1099B I imported has missing information. Which is accurate. When I indicate that the cost basis and acquisition date are blank (i.e., "unknown"), Turbotax should not flag it as needs review.

Sufficient information is inputted within the program to create form 8949s to reconcile the 1099B omissions and my accurate schedule D.

So I am asking if there is a way/means to have turbo tax no longer flag the 1099B as "needs review"

Thank you

JamesG1

Level 15

If you are reporting a blank acquisition date, the software will continue to report a Review error. Are you able to discern an acquisition date from your investment records or from the information that was included with your IRS form 1099-B?

What Sales section are you reporting for this transaction if you have not reported an acquisition date?