cancel
Showing results for 
Search instead for 
Did you mean: 
Level 5

Form 1099-B Has Incorrect Proceeds

My Form 1099-B has the incorrect proceeds from a stock sale. Do I report the correct proceeds or request an amended Form 1099-B? Since the IRS will tie my Form 8949 back to the Form 1099-B, seems like I must report the incorrect proceeds listed on the Form 1099-B?

 

Thanks.

6 Replies
Level 20

Form 1099-B Has Incorrect Proceeds


@Oscar Zilch wrote:

My Form 1099-B has the incorrect proceeds from a stock sale. Do I report the correct proceeds or request an amended Form 1099-B? Since the IRS will tie my Form 8949 back to the Form 1099-B, seems like I must report the incorrect proceeds listed on the Form 1099-B?


If you wind up fighting the due date, then file the return with the proceeds shown currently but you should absolutely demand a corrected 1099-B if you are certain the proceeds shown are not correct - you can file an amended return thereafter if necessary.

Level 17

Form 1099-B Has Incorrect Proceeds

Everything else being equal I'd expect the 1099-B proceeds amount to be correct.  Is there any chance that the sale originated from some sort of "corporate action" - like a stock plus cash merger - where there can be some differences in how reporting is handled from one broker to the next?  What stock was sold?

Level 5

Form 1099-B Has Incorrect Proceeds

It was actually a bond that matured. I know how to adjust basis with the error codes, etc., but there is no way to adjust for incorrect proceeds. I guess I should use these proceeds so everything will tie?

Level 17

Form 1099-B Has Incorrect Proceeds

Boy, I just can't see how a brokerage firm could get a matured bond proceeds wrong.  It's simply the face amount of the bond, right?

 

If you're really confident that you've got this all correct then one approach could be to leave the proceeds alone and use whatever basis figure you need to get your gain/loss properly stated.  That does eliminate the possibility of the IRS's computers flagging the transaction as "proceeds don't match" and as long as you have your gain/loss properly stated the IRS can't really lay a finger on you. 

Level 5

Form 1099-B Has Incorrect Proceeds

Yes, should be just the face amount of the bond but their system messed it up. I also thought about adjusting the basis--that may be the only way to correct it without filing as is, getting an amended Form 1099-B and then filing Form 1040X.

Highlighted
Level 19

Form 1099-B Has Incorrect Proceeds

Spoiler
Spoiler
Spoiler
if you get a corrected 1099-B that is consistent with your basis adjustment on 8949, there's no need to file an amended return.

if you get a corrected 1099-B that is consistent with your basis adjustment on 8949, there's no need to file an amended return.

corrected basis is adjustment code "B"