Working on my 2024 taxes, I have a 1099-B for iShares gold ETF with 1c completed but no 1b or 1e info. The 12 transactions total $50 but TT won't let me input zero or dash signs in those boxes. The broker says to contact a tax expert, for $50 income??? Broker said it was a "WHIST" transaction? Thanks for your help.
do you have more info on what these small transactions are? - not sure what WHIST might have meant - you should go back to your original transaction information for the dates and cost basis and enter those details, tho $0 should be allowed for box 1e if valid (can be the case on expired short put for example)
if you input these as a 'sales summary' it will likely trigger the need to send your 1099-B to the IRS, it's better to input as 'one by one' to avoid the mailing (same with wash sales, AMD etc).
I have since learned that these transactions are WHIFT (widely held fixed investment trusts), not WHIST. I went to the iShares Gold Trust & received a lot of info about these transactions as well as from past TT community participants. I received enough info to complete the transaction. I have more knowledge about this type of investment than I had before. Got to keep the grey matter moving upstairs! TY.
The simplest solution is to retain the basis of zero for each transaction. It will be a small amount that requires tedious calculation.
OR
If you have no wash sales to report, summarization of Box A and Box D transations is the preferred approach, in whch cae Form 8949 is not used. That means you accept the profit/loss reported on you 1099B for those categories.