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SLV reporting issues

Trying to figure out how to input SLV into TurboTax? Mine looks just like the one below that I pasted here...different numbers though... and TurboTax says these numbers from the 1099-b need to be reviewed. Do I leave these numbers and just add the date that they're requesting? Below is what it asks me to review in TurboTax. And below this is what it looks like on the 1099-b....but in my TDAmeritrade account, it doesn't have those proceeds numbers...I have an amount like $12.64 in my transactions list...nothing like what's on the 1099-b....and I'm not investment savvy. Remember, the numbers on the bottom are copied from someone else's post....they just look exactly like mine (easier to copy/paste)...

 

Sales section
 
Unknown term basis not reported to IRS
 
 

Sales info (Boxes 1a - 1e)

What type of investment did you sell? Learn more
 
Options
 
 
Box 1a - Description Learn more
 
Example: 20 shares of XYZ company
Select the information type you see in Box 1b:
The date this investment was acquired Learn more
 
 
Needs info.
Needs info.
Something other than a date Learn more
 
Sold or expired? Learn more
Sold
 
 
Box 1c - Date sold or disposed Learn more
 
 
Box 1d - Proceeds Learn more
1.76
 
Box 1e - Cost or other basis Learn more
0
 

ISHARES SILVER TRUST ISHARES ETF / CUSIP: 46428Q109 / Symbol: SLV / Note: CL

03/31/22 0.000 1.17 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

04/30/22 0.000 1.12 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

05/31/22 0.000 2.23 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

06/30/22 0.000 2.08 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

07/31/22 0.000 2.00 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

08/31/22 0.000 2.02 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

09/30/22 0.000 1.76 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

10/31/22 0.000 1.90 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

11/30/22 0.000 1.98 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

12/31/22 0.000 2.30 N/A ... ... ... Principal payment 16

Cost Basis Factor: 0.[removed]

Security total: 18.56 ... ... ...

Totals : 18.56

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1 Reply
GeorgeM777
Expert Alumni

SLV reporting issues

We some additional information to better understand your tax situation.  With regard to the SLV transactions reflected on your 1099-B, do those represent sales by you?  If not, then the sales are likely sales by the SLV Trust in connection with paying Trust expenses.  For those sales, Trust investors need to calculate their cost basis for each sale.  These sales could result in a gain or loss and thus need to be reported.  

 

For SLV, iShares prepared an excel spreadsheet which contains the Tax Reporting Statement, 2022 Gross Proceeds file, and an Example of how an investor in SLV can calculate their gain or loss.  You can find this document by entering 2022 SLV Grantor Trust Tax Reporting into a Google search bar and the first search item should be the document you need to access.  Use the tabs at the bottom to access the various documents. 

 

@RUdtsMT 

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