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getintuch
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I have non-covered transactions (Box E) in 1099B, so, form 8949 has to be filed. How can I be sure that form 8949 is being filed properly, along with schedule D?

 
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2 Replies
KenH1
New Member

I have non-covered transactions (Box E) in 1099B, so, form 8949 has to be filed. How can I be sure that form 8949 is being filed properly, along with schedule D?

You need to go back to your 1099-B entry and make one or more cost basis estimates.

Brokerage statements will not always report the cost basis and/or sales category, even if the information is available right on the 1099-B. The IRS is receiving the 1099-B information from the broker, but is relying on you to report the correct cost basis and category.

For unreported cost basis:

Make a reasonable estimate, based on old trade confirmations or historical prices from a source such as www.finance.yahoo.com 

For unreported sales category:

If you held the security less than one year, use code B (short-term, noncovered)

If you held the security more than one year, use code E (long-term, noncovered)

I have non-covered transactions (Box E) in 1099B, so, form 8949 has to be filed. How can I be sure that form 8949 is being filed properly, along with schedule D?

To be sure, print your return and review it carefully before e-Filing

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