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February 20, 2022
Question

My cost basis is missing for a stock sale. How do I get past this error? I've entered that the info is incorrect and entered the correct cost basis.

  • February 20, 2022
  • 1 reply
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Turbo Tax keeps sending me back to review this info and will not let me finish the return.

1 reply

JohnB5677
February 21, 2022

If you've corrected the cost basis, it may be a different issue causing the problem.

 

At the top of the input screen, there is a box to note Short or Long term gains and filing status.

  • I would expect that you would use the description of
    • B short-term transaction for which the cost or other basis is not being reported to the IRS.  
    • E long-term transaction for which the cost or other basis is not being reported to the IRS.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 1a, or on Form 8949 with box A checked with totals being carried to Schedule D (Form 1040), line 1b.

 

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box B checked with totals being carried to Schedule D (Form 1040), line 2.

 

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).

 

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D (Form 1040), line 8a, or on Form 8949 with box D checked with totals being carried to Schedule D (Form 1040), line 8b.

 

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with box E checked, with totals being carried to Schedule D (Form 1040), line 9.

 

Box F.  Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

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