Question

1099-B

Forum|Forum|6 years ago
March 21, 2020
1 reply
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How do I enter transactions for which basis is reported if my statement has the wrong date acquired? I'm assuming that I would enter each transactions on a separate line. Then would I still check box D? There are other stocks in this category. Can they be summarized on one line?

KathrynG3

It depends.

1. For basis reported with the wrong date acquired, go to the date acquired area and update it.

2. Depending on the volume of transactions and if the import feature is used, transactions can be entered on each line or entered in summary.

3. Only if the transaction was long term and reported to the IRS on Form 1099-B should Box D be checked.

4. The stocks must be summarized according the which box was checked. The 1099-B should break the transactions into the proper category for reporting purposes. These details are reported on Form 8949. There are up to 6 Form 8949s.

If the transactions are entered in summary,Form 8453 must be mailed in with the transaction detail within 3 days of submitting the return electronically.

Mail Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving

0254 Receipt and Control Branch

Austin, TX 73344-0254

For state details that are required to be submitted, it would depend on your particular state. To contact your state's Department of Revenue, click this resource for Sate Department of Revenue Resources.

For more details, click the link: Where do I enter a 1099-B?