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I have an E Trade account in which I purchased shares, but didn't sell any shares with. Do I need to report any forms from this?

 
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5 Replies
BobB7
New Member

I have an E Trade account in which I purchased shares, but didn't sell any shares with. Do I need to report any forms from this?

You need to log into your etrade account and look at "Tax Forms".  Etrade does have them up.  If you didn't sell any shares, then you don't need to worry about that.  But you may still have a 1099-DIV (dividends) or 1099-INT (interest to report.

I have an E Trade account in which I purchased shares, but didn't sell any shares with. Do I need to report any forms from this?

But I have a 1099B from E*TRADE and I didn’t physically sell the stock or cash out.   Somehow they generated one showing gains / losses, so must I report?

JamesG1
Expert Alumni

I have an E Trade account in which I purchased shares, but didn't sell any shares with. Do I need to report any forms from this?

If E*TRADE has generated an IRS form 1099-B and reported it to the IRS, you should contact E*TRADE to request that a corrected IRS form 1099-B be generated and reported.

 

@randsom 

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I have an E Trade account in which I purchased shares, but didn't sell any shares with. Do I need to report any forms from this?

my question was not how do I obtain one, it was do I need to report one when I never personally sold the stock, but E*TRADE has sent me one showing as if it was sold. 

TomK2023
Expert Alumni

I have an E Trade account in which I purchased shares, but didn't sell any shares with. Do I need to report any forms from this?

Shares of stock received or purchased through a stock plan are considered income and generally subject to ordinary income taxes. Additionally, when shares are sold, you'll need to report the capital gain or loss.

 

If your financial institution reported incorrectly that you sold stock when you didn't, then you need to get that corrected asap (as JamesG1 said earlier).  

 

The IRS will also get a copy of that incorrect 1099-B and think that you did sell stock, but wonder why you didn't report it on your tax return (thus causing a delay in processing your return, possibly charging you a tax liability, etc.).

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