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- How do I correctly enter the return of principal from a form 1099B that does not report basis to the IRS but list the basis on the form as zero?
How do I correctly enter the return of principal from a form 1099B that does not report basis to the IRS but list the basis on the form as zero?
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RANDYBLANK
Level 3
03-28-2021
10:13 PM
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The quick entry table has a box for adjustments and a box for adjustment codes. However, the none of the adjustment codes cover the return of principle. Thinking about it and looking at the quick entry table I've decided that I should be able to enter the amount of returned bases into the box for cost or other basis as the basis is not reported to the IRS and the zero, evidently, do not purport to be the taxpayer's basis. Thanks in advance for any input you provide.
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