Question: 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.
i need to complete form 8949 for this, and im lost on
how to do it. please help. The couple specifically identified the shares

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

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!