topic Re: 1099-B in Retirement tax questions

1099-B

Helloitsme2 — Tue, 26 May 2020 13:34:04 GMT

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?

Re: 1099-B

dmertz — Tue, 26 May 2020 22:37:07 GMT

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.

Re: 1099-B

Helloitsme2 — Tue, 26 May 2020 23:04:37 GMT

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