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How do I report adjusted cost basis from supplement form?

Forum|Forum|4 years ago
February 20, 2022
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Hi,

I sold my vested company stock last year. This was my first time selling vested stock and I'm confused about how I need to report them.

I used Turbox tax's import feature to import transactions from etrade.com. I see 32 transactions with $0 cost basis. Reading responses from this forum, it looks like that's expected.

I just found out that there's also "Stock Plan Transactions Supplement" from from etrade.com and it shows an adjusted cost basis.

Should I enter those adjusted cost bases one by one for the imported 32 transactions or is there a way to import them and update existing transactions?

Best answer by RaifH

Yes, you should adjust the cost bases of each transaction one by one. There is no way to update them as a batch, and your cost basis per share would be different if the sales were coming from different lots.

You can also report them by grouping them into long-term and short-term transactions and reporting the totals from each section rather than importing them. If you do this, you will need to include a pdf of your 1099-B with your return.

R

RaifHAnswer

Yes, you should adjust the cost bases of each transaction one by one. There is no way to update them as a batch, and your cost basis per share would be different if the sales were coming from different lots.

You can also report them by grouping them into long-term and short-term transactions and reporting the totals from each section rather than importing them. If you do this, you will need to include a pdf of your 1099-B with your return.

L

LittlehumanAuthor

Thank you so much.

Do I still need to attach 1099-B PDF when I adjust each transaction?

How should I attack my PDF? Turbo tax did not ask anything when I imported my transactions.

R

RaifH

If you only report the summary sales section, TurboTax will prompt you to attach the pdf since the IRS requires a record of each sale.

If you are recording each transaction separately and adjusting the entries, no pdf will need to be attached. The Schedule D that is part of your return will serve as the record for each sale.