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1099-B Reporting Q&A

What information is reported on my Form 1099-B?

Form 1099-B reports sales of shares due to a redemption or exchange to the IRS. The form may also contain cost basis information from one or more of the following categories:

Covered securities (basis reported to IRS)

  • Short-term transactions
  • Long-term transactions

Uncovered securities (basis not reported to the IRS)

  • Short-term transactions
  • Long-term transactions

Cost basis on undetermined transactions (transactions where the cost basis is not known on either short-term or long-term transactions) are not reported to the IRS.

What has changed on Form 1099-B?

The IRS expanded Form 1099-B to include new boxes in order to accommodate cost basis reporting on covered shares. The information captured in these boxes may be used by the shareholder to complete IRS Form 8949 and Schedule D.

We have added explanatory comments on the Form 1099-B to help you with navigating new portions of the form.

Are covered and uncovered redemptions reported on separate 1099-B forms?

Both covered and uncovered transactions are reported on one Form 1099-B per account.

Will the cost basis method be displayed on the new 1099-B?

The IRS does not require us to report or display the cost basis method on the Form 1099-B. However, we provide the cost basis method for the transaction on confirmations and quarterly statements.

How is a redemption that is comprised of both covered and uncovered shares presented?

A transaction can include both covered and uncovered shares because the redemption can be comprised of multiple purchases.  The redemption transaction will be divided into the appropriate category by covered security, uncovered security, and the type of gain or loss.  A transaction where the type of gain or loss is undetermined or unknown will be reported in the undetermined category.

What is IRS Form 8949?

In 2011, the IRS created Form 8949, Sales and Other Dispositions of Capital Assets, to report transactional activity from the sale of securities in order for a taxpayer to complete Schedule D, Capital Gains and Losses.

In previous years, shareholders reported redemption activity and related cost basis information on Schedule D. The shareholder is required to report tax data from Form 1099-B on Form 8949 and Schedule D.


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