TD Ameritrade 1099-B “Proceeds From Broker” Tax Reporting Form Does Not Show Date Or Cost Of Acquisition.
by Anura Guruge
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A relative in D.C. called me up yesterday morning in a panic. He was trying to get his taxes done and had found that he could not do his Schedule D because his TD Ameritrade 1099-B did not tell him when he bought the Mutual Fund that he had sold in 2013. That kind of surprised me. I thought that that information was always on the 1099-B.
He asked me to help him find it. He thinks I am a financial guru. He is always asking me for investment advice and now that he has managed to double his investment over the last six years he thinks that I really must know this stuff! I wish. Anyway it was easy enough to find when he had bought the fund once we got online. He had bought it in 2011 via TD Ameritrade. So there is no excuse for TD Ameritrade to feign ignorance. I checked out his 1099-B to make sure. He was right. The ‘acquisition’ fields are not populated.
So just to make sure that I wasn’t cracking up, a constant concern I have of late, I went and checked my 1099-B from dear Fidelity.
And it looks like …
I again gave mental thanks to Fidelity.
I like Fidelity.
I was very thankful that I no longer had a TD Ameritrade account. Yes, I traded with them for a couple of years during 2007 — 2009. They gave me ‘500’ free trades and I think “$500” if I moved x-dollars into a new TD Ameritrade account. Those were the days that Charles Schwab and Fidelity were charging either $29.xx or $14.xx per trade. TD Ameritrade was nice enough and their folks were always incredibly solicitous but their (old) online computer system drove me beyond distraction. I used to rant about it on a different blog. It was not accurate and could be as much as 24 hours behind in terms of reporting your current status. I couldn’t live with that. Yes, I could call and get my latest ‘positions’ (for free), but that is not how I like to do business.
I had still kept my Fidelity account — which I had opened c. 1992 — for mutual fund trading. I always liked the Fidelity online system — which keeps on getting better. So, around 2009 I transferred everything back to Fidelity and have not looked back.
I would be beyond bummed IF my 1099-B did not give me acquisition data. That is why God gave us computers. I don’t want to go digging for this stuff. I have enough to do, thank you.
So, yet again, I was very glad I was with Fidelity rather than with TD Ameritrade or for that matter Charles Schwab.
So just a heads up.