Can I Manually enter a cost basis? (2024)

• TurboTax Premier Online

‎June 4, 201912:19 PM

Yes, you can manually enter cost basis.

I am assuming you need to enter cost basis for securities. here is how to do it:

1. Open your return (if it's not already open) and search inside TurboTax for the phrasestock sales.
2. Click or tap the "Jump to" link in the search results.
3. AnswerYesto bothDid you sell any investments?andDid you get a 1099-B?
   • If you land onHere's the investment sales info we have so far, selectAdd More Sales. Then answerYestoDid you get a 1099-B?
4. When asked how you want to enter your 1099-B, selectI'll type it in myself.
5. Select or enter your brokerage on the next screen and continue.
6. On the following screen (Tell us about...) select the second option,I'll enter a summary.
7. On the same screen, enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, selectDone.
8. Follow the onscreen instructions to enter additional sales or to view a summary.

When you are done entering all your sales transactions, you'll eventually come to theHere's the investment sales info we have so farscreen. Here you can edit, delete, or enter more sales.

Yes, you must determine and you can enter the cost basis yourself if it is not on the Form 1099-B or if the cost basis on that form is not correct.

At the most basic level, the cost basis of an asset or security is the total amount invested in it, plus any purchase or sale commissionsinvolved. This can either be described in terms of the dollar amount of the investment, or the effective per share price paid for the investment.The cost basis of any investment is the original cost of shares adjusted for stock splits, dividends, and capital distributions.

This will beused to calculate the capital gain or loss on an investment after it's been sold, for tax purposes.

Gather all of your information from your records or the records of the stock broker if you have maintained the stock with the same broker from purchase to sale. Otherwise you will be required to track your cost basis of the stock shares.

• For more information you can use this link:How do I find my stock basis?

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Hi Thank you for the note..

how do we tell the cost basis is not right on the 1099.

I purchased 10 quantity of a crypto,stock last year at a lesser price. I bought 10 more of it later but for a higher cost.

The 1099 is showing the cost basis with the cheaper value from first purchase thus making my profit much higher while I would like the company to report the higher purchase price ( that i made later) as my cost basis.

In this case , can i manually enter the higher price as the cost basis?

Yes, you can edit the entries and manually adjust the cost basis.

Go to federal>wages and income>investment income>Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B). Find the entry made and then adjust the cost basis when you arrive at the screen where to enter this information.

@pratha_07

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Thanks for the answer Dave.

Unfortunately I filed yesterday with the lesser cost basis that was given in the 1099 by Robinhood.

I lost abt 4 thousand dollars in tax due to this. Is there a way i can amend this . My State tax also shot up based on this value.

State already accepted by filing . Is it too late now?

No, it is not too late. You can amend your return in a couple of weeks when your original return is fully processed.

If you used TurboTax Online:

1. Log in to your account and select 2021, then Amend using TurboTax Online.
2. Answer the first few questions, then select your reason for amending.
3. Add or edit the information you need to change.
4. Continue until you have answered all of the questions, including the explanation for the amendment. Do not submit your amendment until your original return is processed.

If you used our CD/download product:

1. Sign back into your return and select “Amend a filed return.”
2. Answer the first few questions, then select your reason for amending.
3. Addor edit the information you need to change.
4. Continue until you have answered all of the questions, including the explanation for the amendment. Do not submit your amendment until your original return is processed.

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Thank you very much . I will try to do the amendment.

The clarification I originally sort is - is it ok to modify the cost basis to a different purchase price ( I have the transaction receipt of that purchase ) .

The cost basis that is there in the 1099 B is different . So if I understand it correctly - IRS would have got the 1099 from my brokerage company with a different cost basis which I am manually overriding ( to a higher price that I bought and have text receipt

Is this acceptable ?

Yes, you can adjust your cost basis. In fact, you need to make an adjustment if the cost basis on your 1099-B is not accurate. Keep your text receipt to support your adjustment in the event the IRS questions the adjustment.

@pratha_07

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