Adjusted/Corrected Cost Basis Question Please
When you see the blank Turbo Tax box asking you to enter your "Corrected" Cost Basis, do you enter the amount from your E-Trade "Adjusted" Cost Basis?
Variations of this same question get asked year after year after year. I have been both an asker and an answerer, and yet I'm still not certain. I hope someone (1) can clear this up, and (2) spell out the steps/details of the proper way to do this.
I think the heart of the problem is the terms that are used. With an E-trade account, they have a column called "Adjusted Cost Basis." Simple. Next is where do I enter my Adjusted Cost Basis in TurboTax?
Turbo Tax has no place to enter "Adjusted Cost Basis" per se. They do have a box called "Corrected Cost Basis." Is that the same?
That is, when you see the blank Turbo Tax box asking you to enter your "Corrected" Cost Basis, do you enter the amount from your E-Trade "Adjusted Cost Basis?"
You will, unfortunately, see different answers to that question. I still am unsure of the definitive answer. Cab someone help? thanks!
