3590775
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

1099b unknown cost basic of sale

Why after I corrected some stock sales of unknown cost basic (1099b imported from fidelity), my federal tax due increase ?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Expert Alumni

1099b unknown cost basic of sale

I believe what you mean is you added cost basis to some investment sales that would reduce your gains but when you did so your tax due increased. That can happen when you have tax credits that are sensitive to an increase in your income, such as the earned income credit. That credit reduces your tax but it can decrease when your income increases and if it does so in an amount greater than the decrease in your tax, your tax due can go up.

 

I suggest you look at your Form 1040 and schedules 1 to 3 to see what changes when you add to your cost basis to better understand why your tax is increasing.

 

To view your form 1040 and schedule 1 to 3:

 

  1. Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
  2. Choose Tools
  3. Choose View Tax Summary
  4. See the Preview my 1040 option in the left menu bar and click on it
  5. Choose the Back option in the left menu bar when you are done 

 

 

 

 

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question