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Level 15

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?


@Linda5455 wrote:

After reading your post. I rounded to whole dollars which took care of the problem.


Yes, you can round when you enter the transactions if you have one or a few sales, but the users who have dozens, hundreds, or more transactions should really wait for the fix.

tepsastri
Level 3

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

Dear Linda5455,

You didn't use the online TurboTax, did you?

How would you do the roundoff in the online version?

AmyC
Employee Tax Expert

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

Another option, type in 4 lines manually. Each line is the total for that type of transaction. The IRS has the same brokerage statement and totals. 

Enter the totals for each:

  • short term covered
  • short term non-covered
  • long term covered
  • long term non-covered

@tepsastri

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lkwhitted
Level 2

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

Still waiting for the update?

I just rounded the values up as they were flagged as suggested.  Worked like a charm.

tepsastri
Level 3

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

Hello lkwhitted

 

How do I round "the values" as you suggested, using the online tax return version?

Sincerely,

Tep

lkwhitted
Level 2

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

As you go thru the problems found the amount in question will be highlighted and the amount will be in a entry box.  if the decimal (cents) amount is .50 or greater backspace and remove the cent entry note the dollar amount and add one dollar to it.    $2384.54  original amount   $238<-<-<-<- back 4 times  enter an additional dollar to the amount $2385 at this point hit enter to enter the amount the program will record $2385.00 in the form.

In like manner if the decimal (cents) amount is .49 or lower  original amount of  $3564.46 will round down. Backspace and remove the cent entry note the dollar amount and subtract 1 one dollar from it.

$356<-<-<-<-  reducing the amount by one dollar $3563 hit enter and the program will record $3563.00 in the form.

Preform this operation for each disputed entry effectively rounding the cent value to the near its dollar amount. 

re-run the check to verify the corrections.

I apologize if the above seems to overly simplistic

👍getting the taxes out of the way

 

tepsastri
Level 3

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

I truly appreciate your kind explanation in great details !

It's now very clear.

 

One question remains: why did TurboTax not do their job right?

 

Sincerely,

Tep Sastri

cegele86
Returning Member

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

I don't even see anything highlighted to edit. scrolling is tricky and not clear.

 

Turbotax, you have a timeline to have this resolved?

messtax2021
New Member

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

Urgent - when is this bug going to be fixed. You get into a circular route trying to use the Turbo Tax worksheet for capital gains and losses. It will not let you file electronically because it keeps saying there is an error. Sometimes it just changes the type of sale - short or long and sometimes it insists on adding more lots for a single transaction. The rounding error is NOT the issue for me.

tepsastri
Level 3

Form 1099-B Worksheet Cost or Adjusted Basis does not match the value on the Capital Gain(Loss) Worksheet. Any ideas what is wrong with my entries when I see this?

Hello Messtax2021

 I am one of the Turbo Tax users who also waited, and waited, for the appropriate fix . After having waited too long, I finally decided to file it on paper. Maybe that's what the company wants us to do; they don't want to rewrite the tax codes, since they don't make enough money from this "cheap" version.

Good luck.

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