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newt1
New Member

Entering 1099-B info without a tax document because amount is less than $5,000. This is a sale from Prudential Computershare. Not sure which sales section to select.

 
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2 Replies
HelenC12
Expert Alumni

Entering 1099-B info without a tax document because amount is less than $5,000. This is a sale from Prudential Computershare. Not sure which sales section to select.

Don't enter your transaction without a form 1099-B. 1099-B forms are issued regardless of dollar amount. You may not have received your form yet. The broker or barter exchange must mail a copy of a 1099-B form to all clients by Jan. 31 of the year following the tax year.

 

  • Contact your financial institution or log on to your institutions online account and look for year end statements or try to import it.

 

Form 1099-B IRS instructions:

  • Brokers and barter exchanges must report proceeds from (and in some cases, basis for) transactions to you and the IRS on Form 1099-B.
  • Reporting is also required when your broker knows or has reason to know that a corporation in which you own stock has had a reportable change in control or capital structure.
  • You may be required to recognize gain from the receipt of cash, stock, or other property that was exchanged for the corporation’s stock.
  • If your broker reported this type of transaction to you, the corporation is identified in box 1a
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tdbabb22
Returning Member

Entering 1099-B info without a tax document because amount is less than $5,000. This is a sale from Prudential Computershare. Not sure which sales section to select.

In addition to the advice provided by "Helen C12" keep in mind that the IRS's position is that the basis in the stock received in a De-Mutualized insurance company is "ZERO".  Even the crazy Ninth Circuit Court has upheld this position.

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