If you are trying to edit your cost basis in TurboTax to reflect the correct basis shown on your statement from your financial institution, you go to the Investment Income section and edit your 1099-B entry. You will select the option to "adjust the cost basis."
Make sure that you check the box that says that the cost basis is incorrect or missing. Then enter the correct amount to update your Form 8949.
On the next screen, you can enter the correct adjusted cost basis as shown on your supplemental form from your financial institution.
Doing this will correct an error if the basis was missing to make sure your capital gains are properly calculated.
You should keep records to support the change if the IRS asks for them.
You can get to these screens in TurboTax as follows:
- Click on Search at the top right of your TurboTax screen
- Type Form 1099-B in the search bar
- Select the link Jump to Form 1099-B
Click here for Cost Basis: Tracking Your Tax Basis
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