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Level 2
May 26, 2020
Question

1099-B

  • May 26, 2020
  • 1 reply
  • 9 views

Last year I retired from a company that had a profit sharing plan with only company stock. I rolled all the proceeds from the sale of this stock directly into an IRA. I received a 1099-R from the ESOP where I was able to show that this was rolled over.

 

The problem is that I also received a 1099-B from the sale proceeds of the company stock for the same amount which also reported.

 

My question is how do I show that the 1099-B proceeds were actually rolled over as part of the same transaction and not taken as income?

 

Anyone have a solution?

1 reply

Level 15
May 26, 2020

Presumably the Form 1099-B indicates that these are non-covered  shares requiring you to specify the cost basis.  Your cost basis in the sale reported on the Form 1099-B is the entire value of the shares.  

Level 2
May 26, 2020

Thanks. That makes perfect sense. I will do that.