My friend exercised her stock options and sold them thru the Bank of New York (BNY). She received a document from them titled “Exercise Summary.” She’s just now realized that she never received a 1099-B form from BNY. She called them, and they can’t even find a copy!
BNY merged last year with another entity, so their records are a bit of a mess, she was told.
Using TaxCut software, can she file a tax return without the 1099-B form? If so, what info goes where (w/ regards to 1099B)? The only info she has is that document she received, which has the following info:
EXERCISE SUMMARY
Plan 1999
Exercise Date
Grant Date
Options Exercised
Option Price
Market Price
Sale Price
EXERCISE CALCULATIONS
Sales Proceeds
Total Option Price
Withholding Tax
Reg Fee
Transaction Fee
Wire Fee
Net Cash Due Optionee
Options Exercised
Number of Shares Sold
Shares Retained
Total Due Company
TAX SUMMARY
Amount Subject to Alternative Minimum Tax
Any help appreciated! Thx!
Thanks for the reply. We’ll have to figure out if there’s a way to enter the details into TaxCut, as most of her information has already been entered.
Your friend is permitted to file her tax return without a copy of the 1099-B form. She will first need to complete federal form 6781 – ‘Gains and Losses From Section 1255 Contracts and Straddles.’ According the instructions, if the taxpayer received a Form 1099-B, or equivalent statement, then the taxpayer must include on line 1 of the form, the amount from box 11 of the Form 1099-B. However, if the taxpayer does not receive a Form 1099-B or equivalent statement, then the taxpayer must separately list each transaction for which the taxpayer should have received a 1099-B form. Col. (a) of the form 6781 is where your friend will list the transaction – i.e. “Stock Options Exercised” – and columns (b) and (c) is where she will indicate whether she realized a loss or a gain.
Once Part I of Form 6781 is complete (i.e. lines 1 – 9), your friend will then need to complete federal Schedule D – ‘Capital Gains and Losses.’ Where the amount is entered depends on whether the gain/loss is short term or long term.
Once Schedule D is complete, your friend will enter the amount onto Federal Form 1040, line 13.
http://www.irs.gov
(1) Federal form 6781 and instructions
(2) Federal Schedule D and instructions
(3) Federal form 1040 and instructions
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