Spinoff of Brighthouse. Since I know my Cost Basis = zero. Do I still have to do the following: "I'll enter additional info on my own" or "Guide me step-by-step" process

Forum|Forum|7 years ago
June 5, 2019
1 reply
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This is regarding the Spinoff of Brighthouse from Metlife and the payment of cash-in-lieu of the fractional share of Brighthouse. After entering information for Box 1a, 1c, 1b, 1d, 1e - Cost or other basis below that is this

"If you have additional info about this sale, you can enter it on your own, or we can guide you." You have a choice between clicking on the button "I'll enter additional info on my own" or clicking on the button "Guide me step-by-step"

Do I do this or not or just click Done? I am just curious, if anyone has done it. I seemed to be in the same boat with everyone else who has mention Metlife and Brighthouse on this message board.

I have included a pic of it below from TT Deluxe, if you want to know what I talking about.

Thank you for the assistance.

Best answer by CherylW

If you've received cash in lieu, then leave those bottom two options alone.

Cost basis (box 1E) should be zero, to reflect no basis, and after you've entered the Sales category, you are finished. You'll pay tax correctly on the entire cash in lieu.

CherylWAnswer

Level 11

If you've received cash in lieu, then leave those bottom two options alone.

Cost basis (box 1E) should be zero, to reflect no basis, and after you've entered the Sales category, you are finished. You'll pay tax correctly on the entire cash in lieu.