Pennsylvania 2011: Corrected Cost on Investment Sales
Taxpayers, who receive incorrect information from their broker regarding the original cost of their investment sales, may report the corrected cost amount as an adjustment on their federal and state tax returns.
Certain customers, who had a corrected cost on their investment sales, may have filed an incorrect Pennsylvania tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your 2011 Pennsylvania tax return before February 25, 2012 AND
- Your federal return included a Federal Schedule D for your capital gains/losses AND
- You disagreed with the cost of a sale on your broker statement AND
- You entered the corrected basis on that sale in TurboTax AND
- Your federal Form 8949 had an amount in Column (g) (“Adjustments to gain or loss”)
If you are affected, your may have underpaid/overpaid your Pennsylvania tax. You may need to amend your Pennsylvania tax return.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step instructions.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
- If you need assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print this Authorization Form.
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the state taxing authority.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Pennsylvania 2011: Corrected Cost.