Consolidated Summaries that include code C

Forum|Forum|6 years ago
April 14, 2020
2 replies
27 views

We receive a consolidated summary for each investment account. One of these reports includes certain items within that consolidation marked with a code C. Am I correct that I need to pull out that one mutual fund and report it separately in Turbo Tax?

DianeC958

Level 12

Yes, you need to report the transactions with Code C separately on your tax return.

For the transactions where basis is reported to the IRS you can put in the summary information, Code A and Code D.

@bnenno

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bnennoAuthor

Level 2

Thank you DianeC958;

We have separate consolidated tax reports for 3 accounts. Corrected consolidated reports were received in February for 2 of these accounts. I read TurboTax Help item Form 8948 Adjustment Codes, but still confused about what to input. I'll use the corrected report for one of our accounts to present next questions. Amounts are changed on corrected summary 1099-DIV to 1a, 1b, 3, and 5 - all have C's but nothing in 2d – Collectibles (28%) gain. Back-up detail corrected report for Dividends shows changes to 1 investment, previously all dividends non-qualified, to corrected various, all marked C's. Summary of Proceeds, Gains etc. is changed, marked C. Can I use the corrected summary for input on the other investments in that account, and report separately the one sold investment/dividend transactions to ensure that I am reporting correctly.