For the sales listed on your 1099-B, you may need to enter their adjusted cost basis. Follow the steps below to add this information in TurboTax:
- Open or continue your return
- Select the magnifying glass and search for 1099-B
- On the Time to kick off your investments! screen, select Okay!
- If you’ve already added some investment info, select Add investments
- On the Let's import your tax info screen, search for your bank and import your forms
- If you don’t want to import your info, select Enter a different way, then Stocks, Bonds, Mutual Funds. On the Now, choose how to enter your sales screen, select One by one then Continue.
- On the Review your sales screen, select the pencil icon next to one of your sales.
- You may not see this screen if you chose to enter your 1099-B another way
- On the Now, enter one sale on your 1099-B screen, check the box next to The cost basis is incorrect or missing on my 1099-B and select Continue
- On the Let us know if any of these situations apply to this sale screen, check the box next to None of these apply and select Continue
- On the Adjust your cost basis to ensure your best outcome screen, select I found my adjusted cost basis and enter the amount
- You can find your adjusted cost basis on a supplemental form provided by your financial institution. It’s usually available by mid-February along with Form 1099-B.
- Select Continue
- Your adjusted cost basis has been added for your sale. Repeat steps 5-9 for any other sales you need to modify