topic Issue with 1099-B line in Retirement tax questions

Issue with 1099-B line

jmcsalsa9 — Mon, 03 Jun 2019 20:24:14 GMT

I have uploaded the infor from Merrill Lynch and there is a blank box. it is telling me I have to enter something there but on my ML 1099-B it states not report to IRS - Form 8949. What do I do?

Brokerage statements will not always report the cost basi...

KenH1 — Mon, 03 Jun 2019 20:24:16 GMT

Brokerage statements will not always report the cost basis and/or sales category, even if the information is available right on the 1099-B. The IRS is receiving the 1099-B information from the broker, but is relying on you to report the correct cost basis and category.

For unreported cost basis:

Make a reasonable estimate, based on old trade confirmations or historical prices from a source such as www.finance.yahoo.com

For unreported sales category:

If you held the security less than one year, use code C (short-term, not reported)

If you held the security more than one year, use code F (long-term, not reported)

Re: Brokerage statements will not always report the cost basi...

amaspence1 — Sun, 23 Feb 2020 22:48:46 GMT

Help!

Re: Brokerage statements will not always report the cost basi...

VictorW9 — Sun, 23 Feb 2020 23:49:04 GMT

The form 8948 contains three options of which you will choose one. Basically, TurboTax wants you to choose one of the three options for the transactions just exported from Merrill Lynch.

A) Basis reported to IRS

B) Basis not reported to IRS

C) Basis not reported to you.