My recollection is that Turbotax wants the total basis of the lot, rather than the price per share. Hence you should report $10,000 for the basis, rather than $.26.
For a more complete answer, I'd need to know which version of Turbotax it is, and into which form you are entering the data.
I tried to enter $10,000.00 as the basis however the turbotax Premier software still flagged this as an error.
the screen looks like this:
Capital Gain wks (38610 shares 3tera)
Cost Basis Lookup Worksheet:
Line 24 column (h)-1 is estimated Line 24,column (h) 10,000.00
Part IV lookup Detail Results
24 Detail Results of cost basis lookup
(c) symbol (d) cusip (e) short-term number of shares (f) short-term cost (g) Long-term number of shares (h) Long-term cost
It looks as if you attempted to use Gainskeeper on a private corp. If you were to enter the actual cost basis or cost-per-share on the worksheet, that might work. If all else fails, you can override a line of Form 1040 Schedule D Line 8..
(And California form 540 Schedule D; as an override on the Federal form may not propagate to the state form.)
(By "the worksheet", I mean the simiplied data entry sheet, where you specifiy the cost-per-share or total cost.) I have "Home and Business", and I can't find a form or worksheet exactly like yours.)
A friend suggested putting zero's on everything and starting from scratch. Do you recommend I start from scratch?
It might be sufficient to delete that asset and start from scratch re-entering it, before overriding lines on the actual tax form.