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March 28, 2023
Question

How can I enter a corrected holding period for a stock sale?

  • March 28, 2023
  • 1 reply
  • 0 views
I transferred my shares from one brokerage to another, and the 1099-B from the new brokerage shows the acquisition date as the date the shares were transferred in rather than my actual purchase date. This causes the holding period to be incorrect, and the sale should have a long-term basis rather than short-term. I'm unable to fix this in the software. There's a checkbox "I need to correct the holding period", but it doesn't seem to do anything. There is not way to actually enter the correct data. Can anyone help me out here?

1 reply

March 28, 2023

If the information on the form is not correct, you will have to delete the form and choose to type it in yourself. Be sure and keep your records from the first brokerage showing the original acquisition date. If you are ever contacted by the IRS about the changed date, you will have the information to back up the change.

 

To delete a form In TurboTax Online, here's the general procedure for viewing a list of all the forms in your return and deleting unwanted forms, schedules, and worksheets in TurboTax Online:

  1. Sign in to TurboTax and open your return by selecting Continue or Pick up where you left off
  2. In the left menu, select Tax Tools and then Tools
  3. In the pop-up window Tool Center, choose Delete a form
  4. Select Delete next to the form, schedule, and worksheet in the list and follow the instructions

If you need to delete a form in TurboTax Desktop, please follow the instructions in this TurboTax Help article.

 

Then enter the investment sale from a brokerage account (1099-B), and follow the steps below.

  • Click on Federal Taxes 
  • Click on Wages and Income
  • Click on I'll choose what I work on
  • Under Investment Income
  • On Stocks, Mutual Funds, Bonds, Other, click the start or update button
  • Select Enter a different way and choose to type it in myself
  •  Enter your information about the holding period, proceeds and cost basis

 

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March 30, 2023

Thanks so much for your quick answer!