Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Patricia Meaney who wrote (5787)	3/18/2024 4:29:45 PM
From: Affinity4Investing	Read Replies (2) of 5810

Your 1099 consolidated package tells you exactly what they provide to the IRS and what they don't (or at least I hope yours does). Both Schwab and Merrill detail what they do and don't report on each 1099 form. Definitely sure about this - not all info on the 1099-B is provided to the IRS. And the forms should tell you so. You bring up a good point. If they get data from the brokers, why do we have to submit paperwork or what-not. Lots of theories out there but I guess it boils down to you gotta play the game they run. If the processes flowed smoothly, they wouldn't be able to justify their bloated gov salaries and what not.

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