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posted Apr 8, 2025 11:34:02 AM

Short Term Capital Gains when Basis is not reported to IRS

After entering the missing Basis from my Schwab 1099B data, it gets high lighted on form 8949.  Then when running SMART CHECK,  the entry gets flagged with a message that if I E-file,  then it could be rejected by the IRS.   Should I just ignore this message ,  enter the correct data and E-file ?   If I leave the Basis blank,  then it shows the proceeds as a full short term gain. 

 

Any suggestions?

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1 Replies
Expert Alumni
Apr 8, 2025 3:52:46 PM

Did you enter the correct cost basis as an adjustment after indicating that the cost basis was incorrect.  If not, that is how you need to enter it.  If you did enter it as and adjustment, did you import your Form 1099-B?  Sometimes when you import a Form 1099-B making adjustments to the cost causes problems, even if the cost basis is missing.  If that is the case, try deleting your Form 1099-B and type it in yourself.