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Should I enter Adjusted cost basis or cost basis from my 1099-B from ETrade for ESPP?

Dear Experts,

I am using TT Premier. When I imported my ETrade tax forms, it just entered the cost basis from it. But my tax consultant seems to have entered Adjusted cost basis for those ESPP sales. Which one is right?  They are just straight forward ESPP sales. 

1099-B says:

Report on Form 8949, Part II with Box D checked,

Box 12: Basis Reported to the IRS,

Box 5: Box Not Checked (Covered Security)

Box 2: Type of Gain or Loss −Long−Term

Box 6: Gross Proceeds

 

Thanks a lot for your help!

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1 Reply

Should I enter Adjusted cost basis or cost basis from my 1099-B from ETrade for ESPP?

Possible scenario:  The cost basis on your 1099B likely only included the amount you paid for the purchase of the shares without taking into account the “discount“ that you received from your employer, which was included in your W2 gross wages.  The accountant needed to adjust the basis of the shares to account for the portion of the share cost you paid through your wages.

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