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Does anyone know how to get turbotax to adjust a gain (column g) on form 8949?

I sold some employee stock options and the income from the sale shows up in my W2 income.  I need to adjust the gain to $0 on form 8942.
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gloriah5200
Expert Alumni

Does anyone know how to get turbotax to adjust a gain (column g) on form 8949?

Yes, when you have an adjustment to make to transactions reported on Form 8949, here is how you go about it:

 

Use Form 8949 to report sales and exchanges of capital assets.

 

Form 8949 allows you and the IRS to reconcile amounts that were reported to you and the IRS on Forms 1099-B or 1099-S (or substitute statements) with the amounts you report on your return.

 

If you receive Forms 1099-B or 1099-S (or substitute statements), always report the proceeds (sales price) shown on the form (or statement) in column (d) of Form 8949.

 

If Form 1099-B (or substitute statement) shows that the cost or other basis was reported to the IRS, always report the basis shown on that form (or statement) in column (e). If any correction or adjustment to these amounts is needed, make it in column (g).

 

If all Forms 1099-B (or all substitute statements) you received show basis was reported to the IRS and no correction or adjustment is needed, you may not need to file Form 8949.

 

If:

You received a Form 1099-B or 1099-S (or substitute statement) for a transaction and there are selling expenses or option premiums that aren't reflected on the form or statement by an adjustment to either the proceeds or basis shown 

 

THEN enter this code in column f:

E

 

Enter in column (d) the proceeds shown on the form or statement you received.

 

Enter in column (e) any cost or other basis shown on Form 1099-B (or substitute statement). In column (g), enter as a negative number (in parentheses) any selling expenses and option premium that you paid (and that aren't reflected on the form or statement you received) and enter as a positive number any option premium that you received (and that isn't reflected on the form or statement you received).

 

For more information about option premiums, see Gain or Loss From Options in the Instructions for Schedule D (Form 1040).

 

Additional information is available at the following link:

IRS Instructions for Form 8949

 

 

 

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