So, I was basically 100 percent done with my taxes, just about to finish the filing process, when I got a Tax Return Alert that told me that I would need to send a “Summary Statement” to the IRS.
This seems like a lot of drama. Do I really have to do this? I put in the overall totals that TD Ameritrade and Fidelity gave me.
Here's what the FreeTaxUSA software is telling me:
“Mail Summary of Form 1099-B or Broker Statement to the IRS
Since you entered a summary of your investment sales, you'll need to send the IRS a “summary statement” showing your individual sales transactions.
If you're e-filing, you'll need to send the IRS a summary statement after the IRS has accepted your e-filed return. Once your return is accepted, sign into your account and print Form 8453. Attach your Summary Statement to Form 8453 and mail both forms to the IRS. ”
When I clicked on the highlighted part about “Summary Statement” it said this:
“If the basis was reported to the IRS, you don't have any adjustments, and the “Ordinary” checkbox in Box 2 is NOT checked, then you don't need to do anything else. ”
This is in regards to not needing to send a Summary Statement. If all of these things are set up the right way, then you don't need to do anything else. Both TD Ameritrade and Fidelity reported the basis to the IRS, so that's handled. I didn't have any adjustments, so that's handled.
However, the last part… I don't know what they're talking about. “Ordinary checkbox in Box 2 ISN'T checked”. I went to the Stocks or Investments Sold part of the FreeTaxUSA return and went through both my TD Ameritrade and Fidelity sections again, and didn't see anything that would pertain to this. So, I don't know why I'm getting this message.
Just curious if anybody has seen this before and knows what it is. Maybe this is totally normal and everybody has to do this?
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