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What if the dates for acquiring a stock on my 1099 are wrong but they have Box B identified? Do I put the date change on my tax form even if it differs from my 1099?

"What if the dates for acquiring a stock on my 1099 is wrong but they have Box B identified? Does this mean I can correct this error later, or do I put the date change on my tax form even if it differs from my 1099?"  These are showing up as short-term transactions when in fact they are stocks I acquired over 20 years ago.  I think what happened is I transferred my stocks to a new company to manage them in March 2018 and the dates they used for acquiring them are the dates of the transfer, not the actual dates of the stock purchases. They then sold these stocks within a couple of months after the transfer, so it looks like it is a short-term transaction.  I just want it right and as a long-term transaction for my tax liability.  

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Level 2

What if the dates for acquiring a stock on my 1099 are wrong but they have Box B identified? Do I put the date change on my tax form even if it differs from my 1099?

Yes, you can - and should - put the correct purchase date for your stocks in TurboTax.  After entering the sale info, click the blue button at the bottom, I'll enter additional information on my own.  

On the page Let's get the rest of the info from your [Name] 1099-B, scroll down to the topic Corrected holding period and choose L - Long term (more than one year), then Continue.

Be certain you keep the supporting documentation with your return to prove your purchase dates, as using a different holding period can trigger a letter from the IRS.

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Highlighted
Level 2

What if the dates for acquiring a stock on my 1099 are wrong but they have Box B identified? Do I put the date change on my tax form even if it differs from my 1099?

Yes, you can - and should - put the correct purchase date for your stocks in TurboTax.  After entering the sale info, click the blue button at the bottom, I'll enter additional information on my own.  

On the page Let's get the rest of the info from your [Name] 1099-B, scroll down to the topic Corrected holding period and choose L - Long term (more than one year), then Continue.

Be certain you keep the supporting documentation with your return to prove your purchase dates, as using a different holding period can trigger a letter from the IRS.

View solution in original post