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Cost basis info not carrying over to state return correctly

I have transactions from my brokerage account where I sold short a call option or a put option that is correctly imported into my federal return as 0 cost basis and positive or negative proceeds. However, when it transfers to my state return, it is putting the proceeds in as the cost basis and the cost basis in as the proceeds. This then causes the state review to flag with an error that the state cost basis can’t be more than the federal cost basis for all of these transactions.

 

Two calls and several hours later, no response from TT on a fix. Does anyone else have this issue?  Any workarounds?

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1 Reply
PatriciaV
Expert Alumni

Cost basis info not carrying over to state return correctly

We are investigating this experience for our tech support to address in a future update. 

 

The SmartCheck message is typically triggered by a negative number in Form 1099-B Box 1d for sales proceeds. The On-Demand Guidance for that data entry (blue link on that page) instructs you to enter zero for the sales proceeds and a positive number in the Cost/Basis box equal to the reported proceeds (ie: swap the numbers, but make them positive).

 

If you are uncomfortable making that change, you may follow these instructions to Delete Imported Transactions and Enter a Summary in Lieu of Individual Transactions.

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