Question

Missing information on 1099B

Forum|Forum|4 years ago
March 31, 2022
1 reply
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I sold a mutual fund that I purchased in 1999 this past year. The 1099B from Wells Fargo did report the basis from 2012 to 2021 to the IRS but not the basis from 1999 to 2011. They did record all of the transactions with basis from 2001-2011 which I think is what I would send to the IRS along with Form 8453. But for the transactions including the original purchase in 1999-2000, the cost or other basis has N/A and the dates of the original purchase and dividends are not included, only the date sold (1c) and proceeds (1d). I kept all of my statements so I can determine my cost basis. So I think I need to record all of those transactions on form 8949 but do I need to send copies of my original purchase and monthly statements to the IRS along with form 8453? Just not sure what supporting documentation the IRS requires.

D

DavidD66

No, you should not send copies of your statements or purchase confirms. If you sold all the shares in one transaction, simply report one sale, use "Various" for the purchase dates, and then enter you correct cost basis after calculating it. If there were multiple sales, you can report category totals instead of individual transactions. To do so,

Click on Search
In the Search Window type 1099-B
Click on Jump to 1099-B
Click Add more sales (if the account you were trying to download is showing, delete it first)
Click on the box with Stocks, Bonds, Mutual Funds and click on Enter
On the Let's import your tax info screen, click on I'll type it myself at the bottom right of the page
Enter your Broker, and click on Continue
On the page with "Tell us about your 1099-B sales for this brokerage account" answer the question about employee stock & the number of sales, etc.
click the button "Enter sales section totals" and click on Continue
Locate your sales section totals on your 1099-B
Enter your Investment Sales Section Totals and repeat till you have entered for each category.

After entering all your sales section totals, Look for "Now we'll help you upload your 1099-B since the IRS requires a copy" and follow the instructions, or you can mail a paper copy of your 1099-B to the IRS. If you want to mail, click on "How do I mail my statement".

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

- A Description
- Date Acquired
- Date Sold
- Sales Price
- Cost Basis
- Gain or loss for each sale
- A based on how the sale was reported to you and the IRS

In some uncommon cases, there will be an adjustment code and adjustment amount.

NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

Here's how to mail your statements:

If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.

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M

MsVG1Author

The 1099B statement is not complete, for the "Unknown Term Gains/Losses-Report on Form 8949, Part 1 with Box B or Part II with Box E checked" it only lists description, quantity sold (total amount, not the individual transactions), date acquired (again, one date, not each date of transaction), date sold (box 1c, which is correct) and proceeds (box 1d) but cost or other basis is N/A and gain/loss amount is N/A. So I don't think I can put "various" for the purchase dates even though it was all one sale because the broker statement is not complete. Should I input all of this information (11 transactions) on the 8949? Again, this is only for the 1999-2000 transactions, for the 2001-2011 transactions, the broker's statement is complete with all of the required information so the 8949 can be filled out on one line with the see attached statement. Not sure if it will allow me to upload the 1099B, haven't tried yet.

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DianeW777

It depends. If you feel you want to break it down you can do that, but it's not really necessary. You can try to upload and then adjust your cost basis manually for each of the sales from 1999-2000. You can choose to 'Type it myself' when you come to that page.

Either way, you can follow the instructions by our awesome Tax Expert @DavidD66 with one entry for the funds from 1999-2000. The Form 8949 will be sent with the Form 8453 as noted. If the IRS does want to see more details you will have your records.

If by chance, you entered all the data for your basis on a spreadsheet (excel as example) I would advise sending that along as well. Do not send copies of your statements as noted previously in this thread.

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