fnma interest reporting on merrill supplemental tax report

Forum|Forum|3 years ago
March 24, 2023
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Merrill reports fnma investment activity (sales cost basis and interest) from February 1st of the tax year to Feb 1st of the current year. Turbo Tax Premier flags this activity in the new year(i.e Jan.2023). Should I just ignore these 'errors' in the capital assess sales worksheet since these details aren't reported to the IRS.??

Mike9241

What type of entity is this for? individuals should be reported on a calendar basis and any 1099's filed by ML would also be on a calendar year basis. what are the form numbers that you got from ML?

hurricane bobAuthor

This is what the Merrill notes say..

"Merrill reports payments based on record date as opposed to payable date for the mortgage pool securities. Your income this year will include payments between February 2022 and February 2023."

Merrill sent this report on Form 1099-INT-2022 Interest Income (OMB NO. 1545-0112)

As I mentioned Turbo Tax flagged the dates of sales & cost basis for January 2023.