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Adjusted cost basis

Forum|Forum|7 years ago
June 3, 2019
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I received 134 shares in restricted stock from my employer in 2014, worth $85 per share. 58 shares were withheld at time of grant to cover taxes. The 76 remaining shares were worth $118 each when they vested in 2017 and $122 each when I sold them in 2017. Based on this info, Turbo Tax tells me I have long term gains of $2600. However, my supplemental 1099B says I have short term gains of $314, due to the adjusted cost basis (what they were worth at vesting vs. value at sale). How can I get Turbo Tax to show the correct amount (short term gain)?

TurboTax Premier Online

Best answer by KittyM

There is a blue link at the bottom of your employee stock sale entry that says "What if I sold employee stock?" It opens an interview which will allow you to enter the data you need to adjust the cost basis. Detailed instructions on how to get to the link are below:

To enter your 1099-B in TurboTax,

In your open Federal return, choose Wages & Income
Scroll down to Investment Income and Show more
Start or Revisit Stocks, Mutual Funds, Bonds, Other
Edit your sale
Look for the blue link at the bottom left (above the "Back" button) that says "What if I sold employee stock?" Click on it.
If you need more info at any time, select Learn More.

K

KittyMAnswer

Employee

There is a blue link at the bottom of your employee stock sale entry that says "What if I sold employee stock?" It opens an interview which will allow you to enter the data you need to adjust the cost basis. Detailed instructions on how to get to the link are below:

To enter your 1099-B in TurboTax,

In your open Federal return, choose Wages & Income
Scroll down to Investment Income and Show more
Start or Revisit Stocks, Mutual Funds, Bonds, Other
Edit your sale
Look for the blue link at the bottom left (above the "Back" button) that says "What if I sold employee stock?" Click on it.
If you need more info at any time, select Learn More.