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Level 1
posted Feb 20, 2023 10:29:29 PM

Form 1099-B importing error

My Fidelity 1099-B properly displays values of cost basis, sales price and gain. On importing to TT  the gain  value is displayed as zero, which is not correct.  The imported cost basis and sale price are correct, though. I tried  to repeat the import and also to edit - - but no success. Anybody from TT to react to this software problem? 

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3 Replies
Level 1
Feb 21, 2023 10:40:54 AM

I would like to add that said transaction involved a tax free bond.  TT recognized on box 1f  an accrued  market discount, but displayed a zero gain value -- in contrast to the 1099-B form from Fidelity.  

Intuit Alumni
Feb 21, 2023 12:14:44 PM

You may need to contact customer service directly for assistance. Please see the following information here for more details. 

 

Level 1
Feb 21, 2023 4:12:26 PM

It turned out that no correction was needed and the filing was accepted as is by the IRS. looking at my filed return I found that the gain was reported as interest and an adjustment was made by TT to reduce its tax liability to zero.   Confusing, but I guess this is how discounted municipal tax free bonds are being processed.