Incorrect Cost Basis on 1099

Posted by mudilav on February 15, 2017 (08:54PM)

Anyone still getting incorrect cost basis on their 1099? I notified TradeKing about the error back in 2012 and after several months they finally "fixed" the problem. My account was showing the correct unrealised gain/loss but now on my 2016 1099 it's got the wrong cost basis again. I don't understand how this could still be happening 5 years after the merger with Zecco. I mean isn't accurate bookkeeping one of the basic functions a brokerage is suppose to provide.

Posted by irishneal11 on February 24, 2017 (04:31PM)

Good Afternoon Muldiav:

Sorry for the delay in getting back to you. If you have not yet please contact our by phone, live chat, or email in regards to the specific nature of the issue. The problem is likely that the security was an uncovered security, meaning a stock purchased before 1/1/2011. Stocks purchased before that date would require that the account holder report the cost basis to the IRS. We can confirm the purchase information for you if you contact our customer service desk directly.

Neal Atkins

Client Services TradeKing

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