Multiple 1099's

[Gina23]

Hi all, have any of you done your own taxes while having multiple 1099's? I switched brokerages about a month ago and anticipate that I will have 1099's from both financial institutions. Anyone out there ever have this situation? If so, is there anything I need to be aware of or is there any advice you have for me while doing my taxes this year?

[disneysteve]

I always have multiple 1099s as I have multiple investment accounts. You just have to include all of the income in the appropriate places: dividends, long term and short term capital gains, etc.

[Gina23]

Originally Posted by disneysteve

I always have multiple 1099s as I have multiple investment accounts. You just have to include all of the income in the appropriate places: dividends, long term and short term capital gains, etc.

OK great, I was hoping it would be that simple, but you never know...

So instead of having one 1099, I'll have two.

I was just unsure if the new brokerage reported the same cost basis on my taxable account since it transferred over. I'm thinking not, correct?

Gina

[jpg7n16]

Originally Posted by Gina23

OK great, I was hoping it would be that simple, but you never know...

So instead of having one 1099, I'll have two.

I was just unsure if the new brokerage reported the same cost basis on my taxable account since it transferred over. I'm thinking not, correct?

Gina

Cost basis only matters if you are selling investments, and brokerage firms are required to send cost basis info to the new brokerage.

Cost basis reporting: the questions you need to ask now | Capital Markets Insights

Do you do a lot of trading?


I personally just use TurboTax. Let it auto-import from each brokerage. And done - nothing else needed to do

[gambler2075]

Originally Posted by Gina23

Hi all, have any of you done your own taxes while having multiple 1099's? I switched brokerages about a month ago and anticipate that I will have 1099's from both financial institutions. Anyone out there ever have this situation? If so, is there anything I need to be aware of or is there any advice you have for me while doing my taxes this year?

Not sure if you are a trader, but if so, you may have a very long list of trades to import. Some of the brokerages cannot be auto-imported into Turbotax, so when I did my taxes I used investotek, a website that has an excel macro, which for 5$, was an absolute bargain.

My etrade 1099 form was 378 pages long, and who also had a second 1099 from another brokerage. If it weren't for that excel macro I would be stuck.

g

[AvaBFM]

I would suggest you do one of the easy and low cost (or sometimes free) online tax assistants. I have used Tax Slayer with success. Often they have options that allow you to easy input the data from multiple 1099's and whatever other forms you have. They keep it organized for you, it's great!

[Gina23]

No, I don't do a ton of trading, but I liquidated 21 mutual funds and consolidated them into core funds at Vanguard. This happened within 2 different IRA's, which do not need to be reported as I understand. I also have a taxable brokerage account which holds stocks... the dividends are reinvested and the loss is reported on the 1099. My question was regarding the cost basis on my taxable account. I'm pretty sure I'm overthinking this from the replies... as I understand the 1099 from the first brokerage will report what happened during my time with them and the new brokerage will report only 1099 information since my assets were in their care, correct?

[disneysteve]

Originally Posted by Gina23

as I understand the 1099 from the first brokerage will report what happened during my time with them and the new brokerage will report only 1099 information since my assets were in their care, correct?

Yes, that is correct.

[Gina23]

Originally Posted by disneysteve

Yes, that is correct.

Thanks again!