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(duplicate. ignore)
Each line does, however, have 1d proceeds and a cost basis factor. Turbotaxonline is insisting on a date acquired and cost basis. There are quite a few of these.
When reporting 1099-B items in TurboTax Online, the software requires the date acquired and cost basis to accurately calculate gain or loss.
If your 1099-B lacks quantity, acquisition date, or explicit cost basis but includes the Box 1d proceeds and a cost basis factor, you may need to use the proceeds and apply the factor to estimate the cost basis.
Since TurboTax insists on these details, you can:
1. Contact your broker or financial institution for missing acquisition dates and cost basis.
2. Use any available statements or transaction history to fill in these fields.
3. If unavailable, enter estimated dates consistent with your records, and calculate cost basis by multiplying the proceeds by the cost basis factor.
Not entering the date acquired and cost basis for your 1099-B items in TurboTax can cause the software to calculate higher taxable gains than you actually have.
Without these details, TurboTax may assume a zero cost basis, resulting in paying tax on the full proceeds rather than on the true gain.
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