1099B Needs Review

[BILLNET]

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]

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.

[BILLNET]

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]

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?

[billnet2]

Yes I have the acquisition date (date of in kind ditribution from IRA). On the imported 1099B I entered for box 1B "something other than a date".  Program has a red flag indicating "Needs info."

For Box 1E (cost or other basis) I left the box blank (as imported), then checked the box "The cost basis is incorrect or missing on my 1099-B". This also created a red flag saying "needs info."

Two screens later - I am able to enter the cost basis - where the program says "I know my cost basis and need to make an adjustment". SO I eneter the correct cost basis.

The following screen asks if the investment was acquired more than a year before it was sold. So I chcked the box "No, I didn't acquire any part of this investment more than a year before I sold it."

Long story short - completed the boxes that allow you indicate the cost basis and acquisition dates are blank (or "unknown") on Form 1099-B, then on later screens enetered the cost basis and indicated the investment sale was short term.  In my mind the program should accept this information and no longer flag the entries for review. Seems like a program flaw.

[JamesG1]

For Box 1E (cost or other basis) I left the box blank (as imported), then checked the box "The cost basis is incorrect or missing on my 1099-B". This also created a red flag saying "needs info."

If you selected Something other than a date and left the box Blank, the software is asking for more information.  Consider selecting Various (or more than one date).

@billnet2 

[hlai]

I ran into the same issue.  Here is how I got rid of the "needs review" message.

The only way to get rid of the "needs review" message is to enter Box 1e -cost or other basis with 0.  Then still check the box for "the cost basis is incorrect or missing on my 1099-B".  Then on a few screens later, TurboTax asks for the cost basis again, enter the actual there.

[DeathByTaxes]

I concur with HLAI. It feels like bad practice to enter a zero where there is none, and then later to correct the information when asked, but yes, this did get rid of the "needs review" flag, and correctly reports the cost basis. This one cost me a LOT of time to get past.