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1099B total proceeds is less than adjusted cost basis

Got really confused with 1099-B form. Some details:

 - RSUs which got sold to cover vest taxes (sell to cover)
 - Short term noncovered
 - 1099B form shows
               Total proceeds=6792.25
               Cost basis=0.00

 

I've also received a stock supplemental document where

 - Total proceeds=6792.25
 - Cost basis=0.00
 - Adjusted amount (Ordinary income)=6808.62
 - Adjusted Cost Basis=6808.62
 - Adjusted Gain (Loss) = 16.37    -> shown as positive number there

 

Now in turbotax, when I do enter all this data, specifically '6808.62' as adjusted cost basis, I'm getting a negative '-16.37' total loss.

 

No errors. Investment has been added. But is it correct? Anything I'm missing?

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1 Best answer

Accepted Solutions
ThomasM125
Employee Tax Expert

1099B total proceeds is less than adjusted cost basis

It sounds correct. You enter the adjusted cost basis after you enter your Form 1099-B, when you check the box that says My cost basis is incorrect or missing on my 1099-B

 

 

It sounds like you did that and ended up with a loss of $16.30. This is probably correct, as you acquired the stock and sold it some time later, so the sale price may have been less than what you bought the stock for.

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2 Replies
ThomasM125
Employee Tax Expert

1099B total proceeds is less than adjusted cost basis

It sounds correct. You enter the adjusted cost basis after you enter your Form 1099-B, when you check the box that says My cost basis is incorrect or missing on my 1099-B

 

 

It sounds like you did that and ended up with a loss of $16.30. This is probably correct, as you acquired the stock and sold it some time later, so the sale price may have been less than what you bought the stock for.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

1099B total proceeds is less than adjusted cost basis

Thanks for the feedback. Makes sense.

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