My Incomplete 1099-B?

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marbleous
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My Incomplete 1099-B?

Post by marbleous » Sun Feb 10, 2019 12:47 pm

I thought someone around here might be able to add some insight.

Near the end of last year (2018), I had sold my interest in VTIAX (Total Internal.) in order to realize a series of capital losses in our taxable account. The sale resulted in mostly short-term losses and some long-term gains, for a total net loss.

On the cost basis page of Vanguard's website, it states that some shares are categorized as "Various Noncovered" under date acquired. The rest of the lots have specific dates of acquisition. Every lot states the Cost Basis method is SpecID and everything looks correct on the website for the sale.

When I opened up my 1099-B this year the only transaction listed was the one for the older "Various Noncovered" lot, which, by itself, actually resulted in a long-term capital gain. All the other sales (from 7 different purchase dates) are missing.

Should I be expecting another corrected 1099-B for the rest of the sales, or do I need to be calling Vanguard to see what the deal is? If they need more time to do the correct accounting, I find it strange that I would first get only a partially complete 1099B form.

livesoft
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Re: My Incomplete 1099-B?

Post by livesoft » Sun Feb 10, 2019 12:50 pm

If you had your account switched from old-style mutual fund account to new-style Vanguard BS account, then I think you will probably get two separate 1099-B forms. This may even be posted in a message to you from Vanguard. I am not sure because I don't make any transactions in my one old-style Vanguard account and thus don't get a 1099-B.
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cherijoh
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Re: My Incomplete 1099-B?

Post by cherijoh » Sun Feb 10, 2019 12:56 pm

marbleous wrote:
Sun Feb 10, 2019 12:47 pm
I thought someone around here might be able to add some insight.

Near the end of last year (2018), I had sold my interest in VTIAX (Total Internal.) in order to realize a series of capital losses in our taxable account. The sale resulted in mostly short-term losses and some long-term gains, for a total net loss.

On the cost basis page of Vanguard's website, it states that some shares are categorized as "Various Noncovered" under date acquired. The rest of the lots have specific dates of acquisition. Every lot states the Cost Basis method is SpecID and everything looks correct on the website for the sale.

When I opened up my 1099-B this year the only transaction listed was the one for the older "Various Noncovered" lot, which, by itself, actually resulted in a long-term capital gain. All the other sales (from 7 different purchase dates) are missing.

Should I be expecting another corrected 1099-B for the rest of the sales, or do I need to be calling Vanguard to see what the deal is? If they need more time to do the correct accounting, I find it strange that I would first get only a partially complete 1099B form.
Let me make sure I have got this straight. You sold your entire investment in VTIAX and you received a 1099-B that only shows a partial sale of only the uncovered shares? That sounds odd. What shows up when you look at your account online? Have the covered shares actually been sold?

Did you do this transaction online or did you do it over the phone?

I would contact VG and not wait for them to realize there is an issue.

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marbleous
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Re: My Incomplete 1099-B?

Post by marbleous » Sun Feb 10, 2019 1:35 pm

livesoft wrote:
Sun Feb 10, 2019 12:50 pm
If you had your account switched from old-style mutual fund account to new-style Vanguard BS account, then I think you will probably get two separate 1099-B forms. ...
I have a separate Roth IRA account that I did switch over into the new brokerage thing. I did not proactively do anything (I think) to our taxable mutual fund account. There is no brokerage label on it like my Roth account has.

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marbleous
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Re: My Incomplete 1099-B?

Post by marbleous » Sun Feb 10, 2019 1:39 pm

cherijoh wrote:
Sun Feb 10, 2019 12:56 pm
Let me make sure I have got this straight. You sold your entire investment in VTIAX and you received a 1099-B that only shows a partial sale of only the uncovered shares? That sounds odd. What shows up when you look at your account online? Have the covered shares actually been sold?

Did you do this transaction online or did you do it over the phone?

I would contact VG and not wait for them to realize there is an issue.
I made the sale online, and everything looks fine online. The website shows I have the appropriate realized loss. Just the 1099-B is incomplete as far as I know.

I'll plan on giving VG a call, but I thought I'd ask here first to see if this is a common occurrence or not.

cherijoh
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Location: Charlotte NC

Re: My Incomplete 1099-B?

Post by cherijoh » Sun Feb 10, 2019 1:46 pm

marbleous wrote:
Sun Feb 10, 2019 1:39 pm
cherijoh wrote:
Sun Feb 10, 2019 12:56 pm
Let me make sure I have got this straight. You sold your entire investment in VTIAX and you received a 1099-B that only shows a partial sale of only the uncovered shares? That sounds odd. What shows up when you look at your account online? Have the covered shares actually been sold?

Did you do this transaction online or did you do it over the phone?

I would contact VG and not wait for them to realize there is an issue.
I made the sale online, and everything looks fine online. The website shows I have the appropriate realized loss. Just the 1099-B is incomplete as far as I know.

I'll plan on giving VG a call, but I thought I'd ask here first to see if this is a common occurrence or not.
One other thing to check is to look online at VG for tax statements.

cas
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Re: My Incomplete 1099-B?

Post by cas » Sun Feb 10, 2019 1:50 pm

marbleous wrote:
Sun Feb 10, 2019 1:39 pm

I made the sale online, and everything looks fine online. The website shows I have the appropriate realized loss. Just the 1099-B is incomplete as far as I know.

I'll plan on giving VG a call, but I thought I'd ask here first to see if this is a common occurrence or not.
From memory, I typically get the various combinations of long-term/short term and covered/non-covered (basis reported/basis not reported to IRS) on different 1099-B pages in the same envelope. I think Vanguard puts them all on different pieces of paper (or has in the past), but my parents used to have an account at a different brokerage where one 1099-B would be on the front of the page and another would be on the back of the page, which could get confusing.

It sounds like the 1099-B you "opened up" was probably received in the US mail. Probably a long shot, but before calling Vanguard, maybe try going online to the Vanguard website, pulling the pdf version of the 1099-B from the Tax Center, and making sure that there somehow weren't additional 1099-B pages left out of the envelope?

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marbleous
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Re: My Incomplete 1099-B?

Post by marbleous » Sun Feb 10, 2019 2:24 pm

In fact the tax form online in the tax center area is complete and correct. I am printing that off right now.


Thanks everybody, problem solved.

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HueyLD
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Re: My Incomplete 1099-B?

Post by HueyLD » Sun Feb 10, 2019 2:37 pm

marbleous wrote:
Sun Feb 10, 2019 12:47 pm

When I opened up my 1099-B this year the only transaction listed was the one for the older "Various Noncovered" lot, which, by itself, actually resulted in a long-term capital gain. All the other sales (from 7 different purchase dates) are missing.

Should I be expecting another corrected 1099-B for the rest of the sales, or do I need to be calling Vanguard to see what the deal is? If they need more time to do the correct accounting, I find it strange that I would first get only a partially complete 1099B form.
One more out of left field thought. Did you check both sides of the 1099-B printouts? The remaining sale items might be on the back page?

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