Accounts & Services

Form 1099-B FAQs

Q: Why didn’t I receive a Form 1099-INT for my tax-exempt securities?
A: The information previously supplied on Form 1099-INT for tax-exempt (Box 8) and Alternative Minimum Tax (Box 9) is now being reported to the IRS on Form 1099-DIV (Boxes 10 and 11).
Q: Where is my Cost Basis Statement?
A: The data that used to be displayed on the Cost Basis Statement is now being reported in five sections on Form 1099-B.
Q: How are my IRA contributions being reported to the IRS?
A: If you are an IRA shareholder, Form 5498 will be mailed to you by the end of May 2014.


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. Form 1099-B contains individual lines of information for transactions in each of the fund accounts you held during 2013. Unless otherwise provided for in the tax return instructions, report the amount from each transaction separately on your tax returns.

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.