Broker 1099-B vs Bivio

Dennis M. McCarthy on

We need a reconciliation because our broker (TDAmeritrade) 1099-B does not list a capital gain from a sale in 2013. From reading the Club Cafe notes I understand that this is because prior to 2011 the Broker was not required to track the Purchase Date or the Cost Basis. We have this information from historical documentation that was uploaded into Bivio. However, it now makes for a very inefficient process for using the standard tax forms in Bivio. Are their any options other than manually changing the forms (PdF)? Also, many of our stocks fall into this category. What can be done to correct in the future to correct this situation?

Laurie Frederiksen on

Hi Dennis,

I'm not sure exactly what your question is. When the tax program is released, you will find it includes a 1099-B review form which allows you to make a direct comparison between what your broker has provided and what you have entered in bivio.

For sales of stocks purchased prior to 2011, your broker may or may not provided cost basis and capital gain information as part of your 1099. If they do, it is supplemental on their part.

You, however, do still need to know that the information affecting those sales and calculations has been entered correctly in bivio. If it has, bivio will report the correct taxable amounts on your taxes.

Please let me know more details if that doesn't address your general concern.

If you have a specific question, email a copy of your 1099 to us at support@bivio.com. Let us know exactly the transaction you have questions about and we'll be glad to review your club data and help you resolve your question.

Laurie Frederiksen
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On Wed, Feb 12, 2014 at 11:50 AM, Dennis M. McCarthy wrote:

We need a reconciliation because our broker (TDAmeritrade) 1099-B does not list a capital gain from a sale in 2013. From reading the Club Cafe notes I understand that this is because prior to 2011 the Broker was not required to track the Purchase Date or the Cost Basis. We have this information from historical documentation that was uploaded into Bivio. However, it now makes for a very inefficient process for using the standard tax forms in Bivio. Are their any options other than manually changing the forms (PdF)? Also, many of our stocks fall into this category. What can be done to correct in the future to correct this situation?

dennymccarthy on

But doesn't what we submit to the IRS on the Bivio tax forms have to match what the Broker submits to the IRS on the 1099-B form?

I'll wait to see the Bivio 1099-B review form. Hopefully it will clear up the differences. Thanks.

From: "Laurie Frederiksen" <laurie@bivio.biz>
To: "The Club Cafe" <club_cafe@bivio.com>
Sent: Wednesday, February 12, 2014 1:20:09 PM
Subject: Re: [club_cafe] Broker 1099-B vs Bivio

Hi Dennis,

I'm not sure exactly what your question is. When the tax program is released, you will find it includes a 1099-B review form which allows you to make a direct comparison between what your broker has provided and what you have entered in bivio.

For sales of stocks purchased prior to 2011, your broker may or may not provided cost basis and capital gain information as part of your 1099. If they do, it is supplemental on their part.

You, however, do still need to know that the information affecting those sales and calculations has been entered correctly in bivio. If it has, bivio will report the correct taxable amounts on your taxes.

Please let me know more details if that doesn't address your general concern.

If you have a specific question, email a copy of your 1099 to us at support@bivio.com. Let us know exactly the transaction you have questions about and we'll be glad to review your club data and help you resolve your question.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

On Wed, Feb 12, 2014 at 11:50 AM, Dennis M. McCarthy wrote:

We need a reconciliation because our broker (TDAmeritrade) 1099-B does not list a capital gain from a sale in 2013. From reading the Club Cafe notes I understand that this is because prior to 2011 the Broker was not required to track the Purchase Date or the Cost Basis. We have this information from historical documentation that was uploaded into Bivio. However, it now makes for a very inefficient process for using the standard tax forms in Bivio. Are their any options other than manually changing the forms (PdF)? Also, many of our stocks fall into this category. What can be done to correct in the future to correct this situation?

Laurie Frederiksen on

Yes. Assuming the brokers information is correct, you should want bivio to match it for sections A and D. Brokerage information is sometimes wrong, but if there are differences you still need to research and find out the reasons for them.

The broker only submits cost basis information to the IRS for Sections A and D on the 1099.

For the other sections, the brokers cost basis may or may not match what is in bivio because the broker had no obligation to track cost basis for those shares. For those sections, you need to use other information to confirm what is in bivio and on your taxes is correct. Either supplemental cost basis information your broker has available or your brokerage statements.