Accounts & Services

Form 1099-B FAQs

Q. Why didn't I receive a Form 1099-B for sales proceeds from my money market fund account or IRA even though they were reported on my year-end Account Statement?

A. Form 1099-B is not required by the IRS for money market fund accounts, pension and profit-sharing plan accounts, IRAs and accounts owned by nonresident aliens, certain tax-exempt organizations and certain financial institutions.

Q. Can I add all of the amounts on my Form 1099-B and report the amounts as one total on my tax returns?

A. No. You must fill out Form 8949 first and then report totals on Form 1099-B. Please refer to the instructions on IRS Publication 550.

Q. Why doesn't the amount reported as total proceeds on Form 1099-B agree with the amount reported on my year-end Account Statement?

A. If your redemption was subject to a contingent deferred sales charge or redemption fee, the amount reported on Form 1099-B will reflect the proceeds net of any charge or fee.

Q. Will I receive a 1099-B for all sale proceeds?

A. No. Form 1099-B will exclude sales of fractional shares of stock if the gross proceeds are less than $20.