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Taxes on stocks: is it on Gross Proceeds or Gain? My 2020 TurboTax is calculating upon my Gross Proceeds while previously it did only on gains.

Forum|Forum|5 years ago
February 25, 2021
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Best answer by JohnB5677

If this was a consistent problem I'm sure we would have heard it many times before.

I suggest that you take that record and delete it using the trash can on the right. Then enter the information back in manually. Its possible the original data got corrupted somehow.

Excellent catch to notice that!

JohnB5677

The taxable amount for Capital Gain is your Profit or Loss, not your proceeds. If it seems that you are being taxed on proceeds you should go back and be sure that the Cost Basis has been posted.

If the 1099-B does not have the Cost Basis you should follow these steps:

If it is blank, leave it blank. (This will match the 1099-B posting)

Scroll to the bottom of your 1099-B entry screen
Check the box for The cost basis is incorrect or missing on my 1099-B
On the new screen None of these apply.
I know my cost basis and need to make an adjustment.
Enter your actual Cost Basis

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

JohnB5677

The taxable amount for Capital Gain is your Profit or Loss, not your proceeds. If it seems that you are being taxed on proceeds you should go back and be sure that the Cost Basis has been posted.

If the 1099-B does not have the Cost Basis you should follow these steps:

If it is blank, leave it blank. (This will match the 1099-B posting)

Scroll to the bottom of your 1099-B entry screen
Check the box for The cost basis is incorrect or missing on my 1099-B
On the new screen None of these apply.
I know my cost basis and need to make an adjustment.
Enter your actual Cost Basis

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

david_dasariAuthor

Thanks John,

I do have my cost basis but whatever reason TurboTax is calculating on the proceeds. If I reduce the proceeds to my gain/loss, I see the change in my refund. Is it a problem with the software you think?

JohnB5677Answer

If this was a consistent problem I'm sure we would have heard it many times before.

I suggest that you take that record and delete it using the trash can on the right. Then enter the information back in manually. Its possible the original data got corrupted somehow.

Excellent catch to notice that!

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"