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