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How do I enter my adjusted cost basis for my grantor trust?

SOLVEDby TurboTax61Updated April 04, 2022

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:

  1. Open or continue your return
  2. Select the magnifying glass and search for 1099-B
  3. On the Time to kick off your investments! screen, select Okay!
    1. If you’ve already added some investment info, select Add investments
  4. On the Let's import your tax info screen, search for your bank and import your forms
    1. 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.
  5. On the Review your sales screen, select the pencil icon next to one of your sales.
    1. You may not see this screen if you chose to enter your 1099-B another way
  6. 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
  7. 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
  8. On the Adjust your cost basis to ensure your best outcome screen, select I found my adjusted cost basis and enter the amount
    1. 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.
  9. Select Continue
  10. Your adjusted cost basis has been added for your sale. Repeat steps 5-9 for any other sales you need to modify

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