Importing 1099-B Fidelity RSU only transactions

[hybridtaxguy]

When importing to fidelity, every transaction is missing it's cost basis and flagged for review.  The cost basis is on my 1099-B in fidelity.  It seems like turbo tax isn't importing this properly, anyone else have this issue?  Going to be annoying entering in 60+ transactions by hand when you pay for Turbotax...

Tried importing today, still having issues.

[AmyC]

Fidelity should be coming in but you comment RSU. Those are often incorrect and the basis should be verified for each transaction. You should verify your w2 income at vesting and compare it to the basis listed.

[hybridtaxguy]

They seem correct.  Just silly, no issues importing prior years with Shareworks, but Fidelity can't import the cost basis and holding period.

[BrittanyS]

Have you tried the manual update?  There was an update issued to fix the import issues but many are having issues with online option not pulling the current update.  Try the link below and then let us know if you are still having import issues:

• Manual update

@hybridtaxguy 

[hybridtaxguy]

Performed the update 'Superpatch applied'

Deleted all Fidelity forms, closed TT, re opened, re imported, no change.  Still not reporting cost basis on all RSU transactions.

[hybridtaxguy]

Still not resolved.  Fidelity?  Turbo Tax?  Care to comment?

[MarilynG1]

You will need to calculate and enter the Cost Basis for each sale of RSU stock manually.  Fidelity doesn't know what was added to your W-2 as income for the discount when the shares were exercised.  

Take the amount taxed on your W-2 and divide by number of shares exercised, and add that amount to the Exercise Price per share to arrive at the correct Cost Basis.  You may want to enter this as a one-line summary manually, indicating a regular stock sale (not employee stock) and checking the box, 'cost basis is incorrect or missing'.

Here's more more info on RSU's and Taxes and How to Enter a Summary in Lieu of Individual Transactions.

@hybridtaxguy 

[hybridtaxguy]

On the supplemental form all cost basis for all lots is correct, is there any way to import this?

[DavidD66]

In the couple of examples I have seen/heard of where supplemental information was included with a Form 1099-B import, it duplicated transactions and caused additional problems.  You're right, Fidelity has the correct information; however the transactions are non-qualifying and therefore the cost basis is not reported to the IRS, so that's they way your 1099-B is prepared.  

You may want to consider entering summary transactions and then emailing or uploading to your return a copy of your Form 1099-B.   If all of your transaction are for RSUs, you will have to enter two transactions at the most - one long term and one short term.  Just determine what each category total is, enter those with a zero cost basis, and then enter the total adjustment for the correct cost basis.   To do so you will need to delete your 1099-B that you imported.  Here's how to do it:

• In the income section, Select "Investments and Savings...." 
• On the page "Did you have investment income in 2024?"  Answer Yes
• On the page "Let's Import your tax info" click on "Enter a different way"
• Select "Stocks, Bonds, Mutual Funds" on the page with "OK let's start with one investment type"
• When asked "Which bank or brokerage is on our 1099-B?" enter the name of your or broker or mutual fund company, leave the other fields blank. Click Continue
• Answer the next three questions
• Answer Yes to "Did you buy every investment listed...." (unless you inherited or were gifted the funds)
• Select "Sales Section Totals"
• Locate your sales section totals on your 1099-B
• Enter your Investment Sales Section Totals and repeat till you have entered for each category.

After entering all your sales section totals,  Look for "Now we'll help you upload your 1099-B since the IRS requires a copy" and follow the instructions,  or you can mail a paper copy of your 1099-B to the IRS.  If you want to mail, click on "How do I mail my statement".

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

•  - A Description
•  - Date Acquired
•  - Date Sold
•  - Sales Price
•  - Cost Basis
•  - Gain or loss for each sale
•  - A based on how the sale was reported to you and the IRS

 In some uncommon cases, there will be an adjustment code and adjustment amount.

 NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

 Here's how to mail your statements:

 If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254