On the screen now, you should see a reminder from our friends in the legal department. Please remember that the information we present today does not constitute financial, tax, or legal advice. This is educational information that may help you better understand situations faced by many active traders and investors. But remember, you're responsible for the decisions you make when it comes to your investments and your taxes. So, as I mentioned, my name is Melina Triplet. Our presentation today will be focusing on how the 1099-B problem affects you. Last week, Armen Computing, the makers of Trade Lock software, published a special report entitled "The 1099-B Problem: Why IRS regulations have failed to meet cost basis reporting needs." Joining me today is Jason Derbyshire, the key author of this special report. Over the last five years, Jason has been following closely the developments of cost basis reporting legislation as well as dealing firsthand with the new 1099-B reporting. Jason, welcome and thank you for joining us. You, Melina, and hello to everyone this afternoon. It's great to be here with such a large group, and we look forward to our discussion today. We have some questions that we've prepared, as well as some examples and key points from the special report. I will mention to our audience that you are welcome to submit your questions and comments. Likely, we may not have much time to answer your questions today, but we may be able to reply to your questions later via chat, and we will have a few opportunities to get feedback from our audience. Right now, we just put up a brief poll here: What do you think of 1099-B reporting? It's caused more problems for tax reporting, it's made tax reporting easier, or maybe you're undecided. So while everyone is...
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Do private companies issue 1099-b Form: What You Should Know
It doesn't provide your tax return information. For more information on the Retirement Savings Contributions Credit (Section 72(p)(4), which provides a credit for contributions to a tax-advantaged retirement account), go to IRS.gov/OACT. What Does Form 8880 Do? Form 8880 lets you calculate whether you can claim the following retirement savings credits: A. Contributions to qualified retirement savings (Section 72(p)(4)) and B. Contributions to a tax-deferred annuity (Section 72(p)(5)) Note that the following types of nonqualified contributions are not included in the formula: contributions made to a Roth 403(b), Roth 457(b), and Traditional IRA (Section 72(o)), including contributions made with a Roth distribution as determined under section 402(g)(6). For more information, go IRS.gov/OACT/tax-advantaging-401k. For more information on Form 8880, see Form 8889, Qualified Retirement Savings — Additional Information About Contributions. Who Should Use Form 8880? There should be no legal or tax limitation on the amount you can contribute to a 401(k) or 403(b) eligible retirement savings account, including to a Roth IRA on your tax return. The form is not for taxpayers who cannot reasonably contribute to the account. Such a taxpayer includes: A. A sole proprietor with respect to 401(k) plans that are nonqualified and are not subject to section 401(a)(31). If you have a 401(k) plan that is tax-deferred, you are not considered to be a member of a 403(b) plan that is subject to section 401(a)(31) if you don't participate in a qualified plan. The only exception is if you are making contributions to your 401(k) plan or 403(b) plan in excess of 100% of your compensation. If you have a Roth IRA, you are considered to make the contributions, even if your compensation exceeds 100% of your eligible compensation. In addition, if you qualify to make contributions to a Roth IRA, that Roth IRA is considered to be a qualified plan and is subject to section 401(a)(31).
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