How to manually change imported 1099 data

Forum|Forum|3 years ago
March 13, 2023
1 reply
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I need to change the basis of a reported capital gain transaction included on an imported 1099-B form. Is it possible to go into TurboTax and manually change the cost of an item given that all the data was imported

Best answer by AbrahamT

Yes you can. Simply go into the detail of the particular transaction, hit edit on the right hand side to make the change. When TT imports stock transactions, the detail summary of all the transactions will appear here

Enjoy the rest of your afternoon.

AbrahamTAnswer

Enjoy the rest of your afternoon.

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MAC18Author

Thank you Abraham. For short positions that were closed in 45 days or less, will TurboTax automatically add the dividends I had to pay while being short a stock to the stock's basis? Or do I need to do this manually?

JohnB5677

If your broker hasn't done it you can make the adjustment. However, confirm that the broker hasn't done it yet.

To adjust the cost basis:

Start at Federal
Wages and Income
Scroll to Investments & Savings
Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
If you already have an entry, select the appropriate broker or add another account.
Select your broker or follow the interview.
As you enter the dates and proceeds, there is a check box for The cost basis is incorrect or missing on my 1099‑B
Use this option to correct any errors on a cost basis.