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spoons
New Member

Where to Correct for an Incorrect Cost Basis on 1099-B

I am currently trying to file my taxes using Turbo Tax Premier. The 1099-B form I was given has the cost basis as $0. I selected the box "The cost basis is incorrect or missing on 1099-B" but was never prompted to enter the correct cost basis.

 

Am I suppose to enter the correct cost basis into Box 1-E and just leave the "The cost basis is incorrect or missing on 1099-B" selected or is there somewhere else to make this adjustment?

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1 Reply
JohnB5677
Expert Alumni

Where to Correct for an Incorrect Cost Basis on 1099-B

  1. After you check The cost basis is incorrect or missing on my 1099‑B Box = Continue
  2. Let us know if any of these situations apply to this sale
    1. Check None of these apply = Continue
  3. We noticed there's an issue with your cost basis...Let us know if you'd like to make any changes
    1. I know my cost basis and need to make an adjustment
    2. Enter the adjusted amount

 

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