NT / Edward Jones 1099-B

[RitaB]

I feel like a rat that has just been through a maze after picking out the info on this Edward Jones 1099-B. Except there is no cheese.

[BP.]

Then get the cheddar from the client!

(I've been picking up every other file but this one right here with the many pages of EJ 1099-B.)

[Koss]

EJ Forms 1099

When you're done working on a Form 1099-B from EJ, you'll need a different "form" of EJ:

http://sgaweb.net/egx45/bh99ex44y7.jpg

BMK

[Golden Rocket]

What's the Deal?

I am told there is a new process in place. For example I have a 1099-B from Merrill Lynch with over 1000 transactions. I've been told I can copy the 1099-B and send it in with a 8453.

How is this done -- with the tax return, or stand alone? If it is done with the tax return how does this affect e-filing??

[RitaB]

That's a good solution

Then get the cheddar from the client!

(I've been picking up every other file but this one right here with the many pages of EJ 1099-B.)

Chester Cheetah's got nothing on you, Barb.

[RitaB]

E-File as Usual with 8879

I am told there is a new process in place. For example I have a 1099-B from Merrill Lynch with over 1000 transactions. I've been told I can copy the 1099-B and send it in with a 8453.

How is this done -- with the tax return, or stand alone? If it is done with the tax return how does this affect e-filing??

E-File as usual with 8879. Then mail the 1099-B with 8453. Address is on the Instructions. There is a thread on here from a few days ago that may help.

http://www.thetaxbook.com/forums/showthread.php?t=19579

I was just mouthing off at how this Ed Jones form is organized. There's only three sales on here, but wow, I hate how they are organized.

[BP.]

There's only three sales on here

What! That barely earns you a peek at the image in Burton's link! Which looks delightful, BTW!

[dkss]

Agree with Rita

I agree with Rita that the Edward Jones 1099-B statements are a cluster****.

[Burke]

Agree. I have already voiced my opinion to the EJ rep. What a nightmare! Worst I have seen among all the brokers.

[RitaB]

If this were Facebook

Agree. I have already voiced my opinion to the EJ rep. What a nightmare! Worst I have seen among all the brokers.

"Like" times the power of 1,000 suns. You, too, dkss.

[joanmcq]

No, I've dealt with an Ed Jones, and yeah, confusing, but I had a Putnam today that has Ed Jones beat. had gross sales price, gross number of shares sold. Sale date. No purchase dates, not even 'various'. Had ST & LT basis and gain or loss broken out, but no number of shares LT or ST and just the gross sales. So if a fund sale had both LT & ST components because of dividend reinvestments (which all but one did)......

How the %@#& am I supposed to figure this out?

[Jesse]

How the %@#& am I supposed to figure this out?

Our local advisor has nicely explained that these new statements make it easier for the preparer. I don't normally quote my kids but...........WTF?!?!?!?!!!!!!!

[Jiggers]

Gee, I haven't had any trouble with the Edward D. Jones 1099-B's.

Pretty much straight forward, even gives you which box to mark on the 8949.

Sure, more information per item, and a lot easier to do compared to prior years when you had to look at another page to get the cost basis.

Not that EDJ has the correct cost basis, but I think the reporting is OK, considering.

[BP.]

Busy boxes and multiple info categories reported down the columns . . . whatever. All this talk has prodded me into photocopies of 8 pp. of EJ 1099-B with colored highlighters & a ruler. The sales are not chronological and I need to segregate pre- & post-death sales.

Getting crackers to go with the cheese.

[FEDUKE404]

One not-so-simple solution

All of these comments strike home, and I've endured Forms 1099-B from several investment firms.

The problem I see is that the "simplified" tax reporting is a pipe dream that perhaps may work when everything (including cost basis) is "reported." Since there is no gain/loss shown on Form 8949, and only a summary same on Schedule D, reconciling all of those sales can be a real challenge.

What generally helps is trying to obtain the separate (it's NOT a tax document) listing of gains/losses that most firms now provide. In most cases that breaks things down into groups (ST/LT) and may even be the better starting point for entering stock sales. Yes, you probably will need to ask your client for it! ("I never open those envelopes.")

I just about had a stroke last night working on an "improved" Form 1099-B (category A) where, of course, I have to "match" the information already provided to the IRS. But since a wash sale is involved, someone at the firm has a distinct issue knowing the difference between "+" and "-" !! A collateral issue is whether the sale involved was, itself, a wash sale or (based upon client records provided), it was a regular sale where the cost basis had already been raised because of a prior wash sale.

I cannot wait to hear their explanation. FWIW: There were also several "category B" wash sales, and those numbers seem to be correct. Kinda reconfirms the brokerage firms themselves are frequently in the dark with the new reporting rules.

I am quite open as to how to "explain" to my clients the seriously increased charges (mainly time) that will need to occur just for having me put up with these issues. Suggestions??

While I'm on a roll: Most of my clients with significant investments are STILL waiting for a final set of 1099s. Usual financial person answer is "well, there don't appear to be any more updates BUT to be safe you better wait until the end of the month."

Oh well...carry on!!

FE