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fl5000
Level 1

Adjustment to Cost Basis on 1099-B

Hello, if one needs to adjust the cost basis from a 1099-B as gains are being reported on the W-2 as to not double count, what is the best way to do that in TurboTax?  It seems the only way to adjust the cost basis is to select "Ill enter a summary for each sales category" which I see requires you to mail in your 1099-B to the IRS after e-filing.  Is there another way to adjust the cost basis without having to mail in the 1099-B?  Should one just select "Ill enter one sale at a time" and adjust the cost bases reported in Box 1e of the 1099-B?  I believe doing this will not provide transparency on the adjustment being made so not sure what to do.  Thank you

6 Replies
tagteam
Level 15

Adjustment to Cost Basis on 1099-B

You might want to contact Support.

 

What is the TurboTax phone number? (intuit.com)

Critter-3
Level 15

Adjustment to Cost Basis on 1099-B

Should one just select "Ill enter one sale at a time" and adjust the cost bases reported in Box 1e of the 1099-B?  CORRECT METHOD TO USE.

fl5000
Level 1

Adjustment to Cost Basis on 1099-B

Thank you for the response Critter-3.  If I do this, there is no place at put in an "adjustment" and associated "adjustment code"  I read in other places you want to enter a "B" for adjustment code reason but if I use this method there is nowhere to enter this.  I just want to ensure this is correct and won't result in additional issues.  Thank you!

Critter-3
Level 15

Adjustment to Cost Basis on 1099-B

Follow the screen instructions in the program.  1.jpg2.jpg

fl5000
Level 1

Adjustment to Cost Basis on 1099-B

Thanks you!  I will try this out and let you know if I have additional questions.  Appreciate the help!

fl5000
Level 1

Adjustment to Cost Basis on 1099-B

 
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