Imported 1099 and override permissions

[kki2276]

I received a K-1 and Tax package for an EFT.  Part of the package has instructions for recalculating the Cost Basis of the EFT I sold.  Turbo tax will not allow me to override the basis since I imported a 1099 that contains the sale. It would take days to remove the 1099 and manually make the entries.  Are there any other options?

[ThomasM125]

You may not be able to overide the basis, but when you look at the individual investment sale entries from the Form 1099-B, you will see an option to change the cost basis. Follow these steps:

1. Choose the Federal option on your left menu bar
2. Choose Wages & Income
3. Choose the Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) option
4. Choose Add investments
5. Choose the Stocks, Bonds, Mutual Funds option and follow the instructions
6. Choose Edit  for the investment sales you want to adjust
7. Choose the I'll enter one sale at a time option

Work through that section until you come accross a screen that says Select any less common adjustments that apply and you will see an option for An adjustment is required for a reason not already covered and you can enter your cost basis adjustment amount.

[kki2276]

Your answer worked. Thank you.

[MoniqueLO_]

Thank you for the update! We are glad it worked for you. 

@kki2276