2770679
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
You'll need to sign in or create an account to connect with an expert.
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.
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!
Follow the screen instructions in the program.
Thanks you! I will try this out and let you know if I have additional questions. Appreciate the help!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
onelovelylavi
New Member
Blue Storm
Returning Member
starkyfubbs
Level 4
ajayka
Level 2
makeitreynes
New Member