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Bought 30K of stock thru Murrell, and some kind of associates, during a bad market. Sold the stock at 15K and the broker kept an additional 31% and filed it as gross income thru a 1099.


What is the law that direct them to (ie. the code) do what they did? They will not quote the law or even answer my letter, in any form. This took place in Jan of 2000 and I lost the use of almost 5k for most of that year and a lot of 2001.

We have to make some guesses about what happened. If we're wrong, correct us and we'll reconsider.

As someone mentioned, it appears that there was tax withheld from the proceeds of your sale. This usually happens because of a problem with the SSN associated with your account. I can imagine that your letter did about everything but ask what you need to do to prevent this in the future. I suggest a calm telephone call to customer service. BTW you claim withheld tax shown on a 1099 the same way you claim withheld tax shown on a W-2 when you file your return.

As for the sale reporting, only the sale proceeds is reported on Form 1099-B. You must provide the rest of the information required by Schedule D to determine your gain or loss on the transaction. This information comes from your meticulous records.

Phil Marti
VITA Volunteer
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