Non-Covered RSU Basis correction

[smriley]

Hi-

I have a client who had RSUs with a basis NOT reported to the IRS and I need to correct the "0" basis listed on the 1099-B (noted as not reported) in Proconnect. Every time I do, it moves the entry to the "reported" line (A) of the Sch D.

Anyone have a work around? System appears to work fine for covered transactions I need to adjust, but the non-covered that need corrections will not flow through to the form correctly.

Thanks-

Sarah

[itonewbie]

You need to make an entry for Box 12.  See this article for more info: https://proconnect.intuit.com/support/en-us/help-article/income-taxes/entering-form-1099-b-proconnec...

If you still have problem following those instructions, please come back with more info about your entries.

[smriley]

Yes, I have filled out the box.

I have a blank Cost/Basis on Quick Entry and a 1 (not to IRS) selected and in the Details -  Schedule D/4797/etc. I have a 1 denoting reported on Form 1099-B but basis not reported to IRS and the basis in Adjustment to basis if reported incorrectly on Form 1099-B, box 1e.

This results in line two entries of proceeds (correct) a basis listed as the ADJUSTED basis and no adjustment.

[PhoebeRoberts]

If you have a non-covered transaction, you just report the correct basis to begin with. There's no number reported to the IRS for you to adjust.