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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello, I have a bunch of stock sales for the year 2012.

Resolved Question:

Hello,

I have a bunch of stock sales for the year 2012. Due to address change and other issues I did not get the Schedule D information. So I am doing an amended return. My brokerage issued a consolidated 1099-B with a list of Short Term Gains/Losses and also a List of Long Term Gains/Losses.

After finishing my returns I just was curious and pulled the information from IRS through a third Party Company. All the W2s and other 1099 were perfect. But the Stocks were separately listed in 1099-B forms. What is more confusing is that there is weird string in the Date of Acquisition Column (1b) e.g. XXXXXXXXX Also the Type of gain (1c) is not filled at all. And the Cost Basis (3) is filled as 0.00 which is incorrect. Is what ever that is being reported to IRS incorrect or the IRS was not able to consume the 1099-B given by Merrill Lynch.
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

Megan C :

Thank you for your question, and thanks for using JustAnswer.com

Megan C :

The problem probably is not with the data that is reported to the IRS, it's with the third party that is pulling this information.

Megan C :

The information that you get from Merrill Lynch is what is reported directly to the IRS

Customer:

So you mean to say that the information stored in IRS is somehow interpreted by the third party and it is making mistakes then.

Customer:

i was under the impression that it is interpreted and stored by IRS

Megan C :

Yes, that is correct. Whatever is on your report from Merrill Lynch is what is reported directly to the IRS

Customer:

OK

Customer:

So how does the third party read it from IRS

Customer:

Why am I getting in different format and of course with errors

Megan C :

It is just a glitch with the software

Megan C :

but rest assured what you received from Merrill Lynch is what is reported to the IRS

Customer:

Can I be certain that it is a glitch with the Third Party Software. Reason I am asking is that if it is incorrect at the IRS then will I get a CP2000 or an Audit Letter 566 CG?

Customer:

Pretty much that is what my concern is

Megan C :

Merrill Lynch is who reports the information to the IRS, and what they send you is a direct copy of what is transmitted to the IRS

Megan C :

If there is an error in transmission, all you have to do is send your copy of the 1099 and it is cleared up

Customer:

Ok

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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