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I have a Fidelity account that had 1099- Proceeds from sales…

Hello Pearl, I have...

Hello Pearl, I have a Fidelity account that had 1099-B Proceeds from sales and purchases of securities. It shows that some were reported to IRS and some that didn't. There were also no Federal Income Taxes withheld. These proceeds do have some Realized Gains that were reinvested in the account. Do I have to do anything else with the IRS when I file my taxes?

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Answered in 3 minutes by:
3/25/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,710
Experience: Taxes, Immigration, Labor Relations
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You will need to all transaction - regardless if the basis was reported or not.

But you will need to verify if that is correct basis.

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Customer reply replied 30 days ago
How do I know if it is the correct basis?

Your basis is your purchase price.

When shares are purchased - whatever you paid - that is your basis.

Then - if you had dividends reinvested - these reinvested amounts are added to your basis.

Your broker usually help you to track all these transaction sand keep a record for your basis.

Some time ago a new law required brokers to keep track on the basis - these are for covered securities - and that basis is reported to the IRS and to you on form 1099B.

For shares you purchased long ago - these are noncovered securities - you will need verify your statements.

Some brokers are telling you your basis even it was not reported to the IRS.

Let me know what is on your statement?

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Customer reply replied 30 days ago
My investment firm statement has Total Proceeds, Total Cost Basis, Total Market Discount ($0), Total Wash Sales, Realized Gain/Loss, and Federal Income Tax Withheld (also $0). If I had dividends reinvested in this account, do I still report the Ordinary/Qualified Dividends that the showed up on this investment firm's 1099-DIV statement?
Customer reply replied 30 days ago
BTW, the statement doesn't look like a typical 1099-B with all the blocks (1a-g, 2, 3, 4, 7, 8, 9, 10, 11, 14).

Yes - you will separately report dividend income from form 1099div

As theses amounts are credited - they are taxable.

If you has sale transaction - you will have form 1099B

It might look different - but that should not be a problem as long as all amount and correctly identified with boxes they are reported.

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Customer reply replied 30 days ago
The above categories I listed earlier (Total Proceeds, Total Cost Basis, etc.) are the columns. The rows are 1. Short-term transactions for basis reported to the IRS, 2) Short-term transactions for basis not reported to the IRS, 3) Long-term transactions for basis reported to the IRS, 4) Long-term transactions for basis not reported to the IRS. The last 2 (numbers 3 and 4) are all "0".

Then - for transaction which have basis not reported to teh IRS - you will need to find the basis in regular statements -

or may be just easier to contact your broker - and they will point you out where to look for that information in statements.

If you upload statements here - I may try to verify.

Be sure to blank out all personal information.

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Customer reply replied 30 days ago
Thanks, Lev. I'm good now.

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,710
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