Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Not at this time...

Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
3/25/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,388
Experience: Taxes, Immigration, Labor Relations
Verified

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.

Ask Your Own Tax Question
Customer reply replied 4 months 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?

Ask Your Own Tax Question
Customer reply replied 4 months 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 4 months 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.

Ask Your Own Tax Question
Customer reply replied 4 months 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.

Ask Your Own Tax Question
Customer reply replied 4 months 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: 33,388
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,388
33,388 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Fields.mysone had a UTMA of $18K. He has used $14k and $4k
My name is ***** ***** had a UTMA of $18K. He has used $14k and $4k unused. he need to file 1099B? … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,388 satisfied customers
I sold shares of my company stock for a profit and then
I sold shares of my company stock for a profit and then realized that I could have lowered my tax bill for this year by selling newer shares with a higher cost basis vs the older shares of that same s… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,388 satisfied customers
A taxpayer received two 1099-'s from two different
A taxpayer received two 1099-B's from two different brokerage firms:One reports like this: Brokerage firm 1.Proceeds (column A Cost Basis (column B) Adjustments wash sales( Col C) Gain or loss(Col D) … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I sold over $10,000 dollars in stock in the year of 2010 and
I sold over $10,000 dollars in stock in the year of 2010 and the proceeds were temporarily transfered to a money market through the same stock brokerage firm (Share Builder) to reinvest into new stock… read more
WebCPA
WebCPA
Manager
Bachelor's Degree
62 satisfied customers
Hello, I cashed out and rolled over an entire employer 401K
Hello, I cashed out and rolled over an entire employer 401K distribution from Fidelity in 2011. Fidelity's 2011 tax statement (forms 1099-DIV, 1099-INT, 1099-MISC, and 1099-B Summary of proceeds) show… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
Last year I closed out my daughters mutual fund account that
Last year I closed out my daughter's mutual fund account that was setup with USAA as a custodial account. When she turned 18, we closed out the account and moved the money into a USAA investment accou… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,388 satisfied customers
I redeemed some mutual funds from the entirety of one account
I redeemed some mutual funds from the entirety of one account in the tax year 2009. The tax form the mutual fund company sent me is for the entire amount, approximately $12,000. If I purchased the mut… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Do I have to claim the money I received from selling stocks on taxes?
I did not claim money I received from selling stocks and bonds in 2007 and just got a bill from the IRS for back taxes. This was a stupid mistake, I didn't read the 1099 form right. Is there any way t… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My father passed away 10/28/06. He had an account with $103,914.84
My father passed away 10/28/06. He had an account with $103,914.84 to be divided between my brother and me, as his only survivors. The money was in an account with Van Kampen Investments in a Comstock… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
when my 2007 tax was filed, the tax prparer did not submit
when my 2007 tax was filed, the tax prparer did not submit a schedule d form to report my captial gain/losss, so the irs sent me a cp2000 tax audit showing where we had sold some mutual fund stock. i … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,388 satisfied customers
I HAVE RECEIVED A 1099-B, LONG-TERM REALIZED GAIN/LOSS FORM.
I HAVE RECEIVED A 1099-B, LONG-TERM REALIZED GAIN/LOSS FORM. DO I NEED TO REPORT THIS . THE FORM SHOWS NO LONG TERM GAIN/LOSS DUE TO INCOMPLETE COST BASIS… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I transfered my Fidelity uniform gift to minors account over
I transfered my Fidelity uniform gift to minors account over to my daughter when she turned 18 in September 2006. ( $23,000) She just received a tax bill from the IRS for her 2006 tax return for the a… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,388 satisfied customers
I just received an IRA letter regarding my 2006 filing. I ...
I just received an IRA letter regarding my 2006 filing. I omitted some securities I had on form 1099B. There are about 9 securities sold, but they were purchased late in 2005 into 2006. How do i repor… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Recently a [Federal] tax-exempt investment account of our ...
Recently a [Federal] tax-exempt investment account of our closed and sent us a check for the amount. It was in a taxable account. We are planning on re-investing the money into something else but have… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,388 satisfied customers
Sold NQSO in 2007 in July and October. Shares purchased ...
Sold NQSO in 2007 in July and October. Shares purchased thru ESPP over the past 3-4 years. Rec''d 1099-B. Fidelity has been plan administrator since 4/2006. Prior to that, plan administrator was Compu… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I just got back a notification from the IRS for my2005 ...
I just got back a notification from the IRS for my2005 tax return and they say I have to fillout Schedule D but I don't know how to do this, is there a sample online of how to complete this form?… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
We received a CP2000 notice from IRS today that we failed ...
We received a CP2000 notice from IRS today that we failed to report $23,157 from two Securites exchanges made by our financial advisors at American Express. They moved the money from RVS New Dimension… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,388 satisfied customers
Hello, I have had a mutual fund that was established in ...
Hello, I have had a mutual fund that was established in 1991, and I sold my shares to pay my college tuition. I have received a 1099B and a 1099DIV; in order to establish a systematic withdrawal, I ha… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x