Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.
It doesn't matter where the money went. When you transferred the funds to your Roth account, you have to liquidate the mutual fund. When you liquidated the mutual fund you had a gain or loss. That is what you need to report, not the gross proceeds from the transaction. What year are you dealing with here? 2010?
The 1099B just reports the gross proceeds; check your end of year statement from the mutual fund; it may actually be a substitute 1099B; was your answer "yes" to the question of which year, 2010?
If so you would need to locate your 12/31/2010 statement.
Right. The mutual fund would have reported the sale of the mutual fund shares to the IRS.
You need to send in a 2010 Schedule D; did the IRS ask you for anything specific other than a lot of money?
What do you mean a 1099 Schedule D? do you mean a 2010 Schedule D?
You should prepare a 2010 Form 1040X to include the Sale of the mutual fund which would require a Schedule D be attached
Then you would send that in with the notice and a check for whatever is due; if there's a loss on the mutual fund shares sold, they will owe you money
You don't need the UBS data as the IRS already has that; the forms are available in turbo tax -- you should be able to do the 1040X on turbo tax for 2010 or you can get the forms at IRS.gov
You can ask me future questions; just ask for "Steve G" at the beginning of your question. But don't worry, the IRS knows that you don't owe that much money; they just use the gross proceeds as the gain as they don't have the cost information & they know using the gross proceeds will get your attention.
Please remember to rate my answers in order that I can receive credit for my responses.
If you fill out the 1040X, it will reflect the balance due or the refund when the form is completed
Sure, you can do that & yes you should be able to do the 1040X on Turbo tax
Just ask for "Steve G" at the beginning of your question in the tax or financial forums
You are welcome
Please remember the rating.
If you come back for help with a different question or help with the 1040X, yes.
1040X is an amended return which you will prepare to correct your original filing to include the the mutual fund transaction
Ok you are welcme