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How to adjust proceeds from stock sale to account for CVR FMV on Schedule D/Form 8949?

I have to report sales of stock for which I also received contingent value rights.  There does not seem to be a way to adjust the proceeds to add the fair market value of the CVRs.  Even though Form 8949 has columns to add a code and adjust the gain, I cannot find where to do this in the Turbo Tax easy-step process.  If I try to adjust it in the actual form, it says that it is based on Schedule D input.

 

How can I add the adjustment onto the tax form?

Do I just add the amount in the proceeds box when initially reporting the amount in Turbo Tax?

 

Thanks

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How to adjust proceeds from stock sale to account for CVR FMV on Schedule D/Form 8949?

Disregard - I was able to figure it out by going to forms and the Capital Asset Sales Entry Worksheet.  There, I was able to enter the codes and adjustment amounts.

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3 Replies
MelindaS1
Expert Alumni

How to adjust proceeds from stock sale to account for CVR FMV on Schedule D/Form 8949?

  1. Select Federal
     
  2. Then Wages & Income
     
  3. Under Investments and Savings select "Add/Edit"
     
  4. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B, 1099-DA)

 

When you see the 1099-B you've previously entered through the import process, select that form to Edit, and then follow the prompts to manually adjust the cost basis / sales expense / proceeds, to reflect the full taxable nature of your transactions.

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How to adjust proceeds from stock sale to account for CVR FMV on Schedule D/Form 8949?

Hi Melinda.

Thanks for your reply.  

 

So the answer is to manually adjust the proceeds that were imported from the 1099-B, instead of inserting a code and adjustment amount like Form 8949 requests?  

 

I do not see any boxes to indicate a code for adjusting the amounts that would show up on Form 8949.

 

 

How to adjust proceeds from stock sale to account for CVR FMV on Schedule D/Form 8949?

Disregard - I was able to figure it out by going to forms and the Capital Asset Sales Entry Worksheet.  There, I was able to enter the codes and adjustment amounts.

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