I am trying to enter information for 1099-B. I get to the point where it asks about the adjusted cost basis and I have the option to either enter the info myself ("I'll enter it myself" button) or let TurboTax Guide Me ("Sounds good" button). But when I click either buttons ("I'll enter it myself" OR "Sounds good"), I get the same screen. I don't know or have the adjusted cost basis info. I tried to get help from a "tax expert" but she can't help me saying "I can't tell you what to enter".
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Your 1099-B should have the cost basis. Enter that amount. If it is blank you have to know the cost basis yourself. If you don’t know it then the cost basis is assumed by the IRS to be zero.
Yes, my 1099-B has the cost basis but on another screen, it's asking for the ADJUSTED cost basis which I don't have. The next screen said that TT can guide me thru computing for that info (there were 2 options on this screen: I'll enter it myself or Sounds good). I clicked "Sounds good" but it gave the same screen as when you click "I'll enter it myself".
I don't know how you got into this situation,
but you told Turbotax you want to adjust the basis.
enter the basis on your 1099-B when it asks for the adjusted basis.
if TurboTax rejects that add one dollar to the basis on your 1099-B.
I don't remember seeing an option to not adjust. I'll go back again and re-do my 1099-B entry and see if I missed a question or clicked yes by mistake.
Good idea !
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