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The 1099-B from my broker does not have the Cost Basis listed, I guess because the account went through several different brokerage firms. I have all of the statements and can calculate the cost. As I entered the 1099B information I checked the box stating that the Cost Basis is missing then entered the calculated amount 2 screens later, but TT keeps flagging the missing information as an error. I have sold some of this stock several years ago using the calculated basis and had no problems. How do I clear the error?
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I was able to clear the entry. Hopefully, the tax return will transmit, as well.
In TurboTax Online, I manually entered an IRS form 1099-B transaction. Box 1e Cost or other basis is left blank with the box checked The cost basis is incorrect or missing on my 1099-B.
The Actual cost basis was entered at the screen We noticed there's an issue with your cost basis after selecting the box I know my cost basis and need to make an adjustment.
I select Review and arrive at the screen Take a moment to review these investments.
Select Continue and I receive a message that errors have been cleared. IRS form 8949 reports the correct entry.
Thanks for the response JamesG1.
Yesterday I ignored the flag and continued to complete my taxes including the state. Anticipating an error, when I ran the checks at the end of the program everything came back OK. I visually checked that all of the information was included and made sure I had not forgotten everything. Despite the earlier warning to the contrary, I was able to submit my taxes electronically.
Thanks again for the response. Hopefully this information can help others.
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