Options Transactions On Your 1099-B Review Form

If you have had options transactions during the year, you might see they are shown differently on the 1099-B review form in bivio than they are on the 1099-B form you get from your broker.

bivio clubs use a variety of brokers. In the case of options, this is an issue because there is confusion amongst brokers as to how the IRS wants options transactions reported. We can only use one method to show you information on the 1099-B review.

That means you might see entries in bivio in the cost basis and proceeds columns and even in the date acquired and date sold/disposed that differ from what you see on your 1099.

It doesn't, however, necessarily mean that there is anything wrong in bivio that you need to change to file correct taxes.

So, what should you do if what you see in bivio doesn't agree with what you see on the brokers form?

  1. Make sure the two items you are comparing are for the same option by comparing the tickers.
  2. Compare the amount shown in the capital gain and loss column between the broker and bivio.
  3. Make sure the transaction is reported in the same category (short term covered, long term covered etc.) as the broker shows.
  4. If the capital gain/loss amount and the reporting category is the same, you are all set.
  5. If the capital gain/loss amount is different, and you know what the broker shows is correct, you need to go back to the transactions entered in bivio for the option and make corrections there to fix the problem before you file your taxes.

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