Proseries 1040 sale of stock

Forum|Forum|6 years ago
March 17, 2020
9 replies
23 views

I have a client that sold the stock they held in their retirement plan, they were issued a 1099b. Then they retired and rolled the entire plan over to their Financial Advisor. They received the 1099b showing the entire sales price, then received a 1099r for the same amount. How do I enter the 1099b information so it is not taxable?

ProSeries Professional

This topic has been closed for replies.

Best answer by sjrcpa

Stock sales in a qualified retirement plan are not subject to 1099-B reporting. If that's what happened, client needs to get the 1099-B corrected to -0-.

Are you sure you are looking at the 1099-B correctly? Maybe it is for personal holdings. Maybe a nonqualified deferred comp plan.

sjrcpaAnswer

Level 15

Stock sales in a qualified retirement plan are not subject to 1099-B reporting. If that's what happened, client needs to get the 1099-B corrected to -0-.

Are you sure you are looking at the 1099-B correctly? Maybe it is for personal holdings. Maybe a nonqualified deferred comp plan.

The more I know the more I don’t know.