Question

Cost or Other Basis is missing from my 1099-B, but I know the amount and I'm not getting an option to add it.

Forum|Forum|4 years ago
February 15, 2022
1 reply
0 views

I did this before without issue, but TT has been giving me an issue with Box 1b, so I decided to just wait until today when TT said I could upload the 1099 (which I already had a PDF of long before today).

So now they are putting Box 1d as the Gain/Loss Amount which is not correct. I do have the box checked that says "The cost basis is incorrect or missing on my 1099-B" but it's just not prompting me to enter the cost I paid for these stocks.

TurboTax Premier Online

DaveF1006

It depends. To clarify, when you edit the transaction, will the program allow you to enter the cost basis in Box 1E?

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C

chance108Author

I can enter it on the first page when I go back in as if I'm starting from the beginning, but I'd be putting something different than what my 1099-B says on it. It says "$0.00" which is incorrect.

D

DianeW777

The 1099-B shows covered (company knows the cost basis) and noncovered (company has no knowledge of the cost basis) stock transactions.

You should enter the correct cost basis you know you have to complete the correct gain or loss on your sale/transaction.

It is normal for some transactions to have no cost basis when the company does not have all the data from purchase to sale. This can happen when a person changes financial agents for example.

There is no issue to be concerned about when entering the correct data.

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