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i need to complete form 8949 for this, and im lost on how to do it. please help. The couple specifically identified the shares purchased
i need to complete form 8949 for this, and im lost on how to do it. please help.
The couple specifically identified the shares purchased on 11/1/2014 and 10/1/2010 as the shares their broker should sell. The 1099-B shows the proceeds but indicates this is a transaction for which basis is not reported to the IRS (Form 8949, Box E) - Sale of 50 shares of Great Return Mutual Fund for proceeds of $5,500 on 10/21/2021. The couple originally purchased the shares on 6/17/2021 for $2,500. The 1099-B indicates this is a transaction for which basis was reported to the IRS (Form 8949, Box A). - Sale of 60 shares of Magenta Stock for proceeds of $2,000 on 11/2/2021. The couple originally purchased the shares on 4/12/2021 for $2,500. The 1099-B indicates this is a transaction for which basis was reported to the IRS (Form 8949, Box A). - None of the Mansours' 1099s indicate that any FIT was withheld. - Assume the Mansours have $150,000 of wage income during the year. During the year, your clients Omar and Maria Mansour, had the following investment transactions: - Interest and dividend income reported to them: - 1099-INT from Chase Bank - Interest income (1099-INT from Chase Bank) \$720 - 1099-DIV from E-Trade (from various mutual funds) - Ordinary dividends (\$0 qualified) \$1,763 - Capital gain distributions (long-term) \$3,654 - Interest on Maricopa County bonds $2,300 - The Mansours' broker, Panther Financial, issued them a 1099-B for the following 2021 asset dispositions: - Sale of 100 shares of Fuchsia Stock on 6/13/2021 for proceeds of $700 (proceeds are reported net of commission). Over the years the couple bought the The couple specifically identified the shares purchased on 11/1/2014 and 10/1/2010 as the shares their broker should sell. The 1099-B shows the proceeds but indicates this is a transaction for which basis is not reported to the IRS (Form 8949, Box E) - Sale of 50 shares of Great Return Mutual Fund for proceeds of $5,500 on 10/21/2021. The couple originally purchased the shares on 6/17/2021 for $2,500. The 1099-B indicates this is a transaction for which basis was reported to the IRS (Form 8949, Box A). - Sale of 60 shares of Magenta Stock for proceeds of $2,000 on 11/2/2021. The couple originally purchased the shares on 4/12/2021 for $2,500. The 1099-B indicates this is a transaction for which basis was reported to the IRS (Form 8949, Box A). - None of the Mansours' 1099s indicate that any FIT was withheld. - Assume the Mansours have $150,000 of wage income during the year. During the year, your clients Omar and Maria Mansour, had the following investment transactions: - Interest and dividend income reported to them: - 1099-INT from Chase Bank - Interest income (1099-INT from Chase Bank) \$720 - 1099-DIV from E-Trade (from various mutual funds) - Ordinary dividends (\$0 qualified) \$1,763 - Capital gain distributions (long-term) \$3,654 - Interest on Maricopa County bonds $2,300 - The Mansours' broker, Panther Financial, issued them a 1099-B for the following 2021 asset dispositions: - Sale of 100 shares of Fuchsia Stock on 6/13/2021 for proceeds of $700 (proceeds are reported net of commission). Over the years the couple bought the Step by Step Solution
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