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Level 2
posted May 31, 2019 10:08:15 PM

I received Proper 1099-B with 1b (proceeds) and 1e (cost basis) but basis is not reported to IRS so my question is should I enter summary or one transaction at a time?

I received Proper 1099-B with 1b (proceeds) and 1e (cost basis) but basis is not reported to IRS so my question is should I enter summary or one transaction at a time?

On 2nd page, I have detailed transaction listed but its zero for  Box 3 (Basis Reported to IRS)=0 , Box 5 (Noncovered Security Ind)=0 so I am unsure whether to use summary or one transaction at a time.  For LendingClub, I was able to directly import so it was very easy.

0 1 494
1 Replies
Level 15
May 31, 2019 10:08:17 PM

If you can import, I would import it.

Then make the entries for each Basis that is listed at $0 cost, for what the actual basis should be.