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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121478  
Subject: Re: Form 8949/1099-B ? Date: 2/22/2013 8:50 PM
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If an equity sale is reported on a 1099-B as:

Short-term transactions & basis was not reported to the IRS (8949 Box B)

but the date acquired AND cost basis is incorrect, in Part 1:

1. Do I include the info as reported on the 1099-B in columns (b)date, proceeds in (d) & (e) with the corrected basis and column (f) of codes BT & zero in (g)? And then record the correct info in Part 2? Or,

2. Since it also has a T code do I not report it in Part 1 & report all the correct info in Part 2 with the BT codes?

Or another variation that I'm not grasping?


I'm not grasping the question, in large part because I can't figure out what "it" is.

Brokerage packages usually include two parts:

1. Substutute Form 1099-B. This is the information sent to the IRS.

2. "Supplemental" information that is not sent to the IRS. This information often takes a stab at holding period and gain/loss but is not sent to the IRS.

Code B and anything reported to the IRS relating to holding period or basis are mutually exclusive. If you're dealing with a code B there is nothing to correct since nothing has been reported.

Does this help? If not, please clarify, completely without the use of pronouns.

Phil
Rule Your Retirement Home Fool
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