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richmo3
New Member

How to re-coup losses from providing incorrect 1099B in 1e data for years.

I've been selling my employee stock for years. I just noticed that the cost basis on 1099B in 1e is different (always lower) compared to the supplemental information Fidelity provides. I've been filling for years without providing the updated amount in the "Corrected cost basis" field so it seems like I've been paying more taxes than I should have for years.
Is there a way of re-couping these losses?
1 Best answer

Accepted Solutions
DawnC0
Intuit Alumni

How to re-coup losses from providing incorrect 1099B in 1e data for years.

You can file amended tax returns to recoup some of the taxes you overpaid.  Underreporting your cost basis will definitely create a situation of over taxation.  See below for instructions for amending your returns in TurboTax.  Please note, you can only go back three years from the due date of the return when filing amended returns for additional refunds.  So, you have until April 15, 2020, to file an amendment for your 2016 tax return.  

 

How to Amend

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2 Replies
DawnC0
Intuit Alumni

How to re-coup losses from providing incorrect 1099B in 1e data for years.

You can file amended tax returns to recoup some of the taxes you overpaid.  Underreporting your cost basis will definitely create a situation of over taxation.  See below for instructions for amending your returns in TurboTax.  Please note, you can only go back three years from the due date of the return when filing amended returns for additional refunds.  So, you have until April 15, 2020, to file an amendment for your 2016 tax return.  

 

How to Amend

View solution in original post

richmo3
New Member

How to re-coup losses from providing incorrect 1099B in 1e data for years.

Thanks for the insightful answer!
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