How to Complete the Review of my imported 1099B

[fctmaghoul]

I have a short term transaction for which basis is not reported to IRS. Turbotax desktop has marked this input as needing review after I imported all my broker transactions. I am not sure what I need to do to clear the review indicator and move on!   

Thanks

[SabrinaD2 · Accepted solution]

To complete the review of your imported 1099-B in TurboTax Desktop, especially for a short-term transaction where the basis is not reported to the IRS, follow these steps:

1. Open TurboTax Desktop and navigate to the section for your 1099-B. Use the search function to locate "1099-B" and click the jump link.
2. Locate the transaction marked for review.
3. Edit the transaction:
   • Click on the transaction to open the details.
   • Verify the date acquired and date sold for accuracy.
   • Enter the cost basis:
     • If the cost basis is not reported on your 1099-B, enter it manually using information from your brokerage statements or records.
     • If you don't have the exact cost basis, use an estimated value based on historical stock prices around the acquisition date. You can find guidance on estimating the cost basis here
4. Review the transaction again to ensure the review indicator is cleared. If it still shows as needing review, double-check the entered information for errors or missing details.
5. If the review is not cleared, click the delete icon next to the 1099-B in question, delete it, and re-enter manually.

If these steps don't clear the review flag - reach back out