Fidelity issues with HP-related employee
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Cost Basis. Can you correct your broker's records to include lot-by-lot cost basis data?
few years ago after talking to Fidelity I was asked to scan and email
the original purchase-date-and-cost documents. Within a couple of days
the cost basis info had been updated for all the different shares.
(Including the splits and spinoffs for my original HP shares, which were
missing the cost basis info when transferred from Computershare to
Watch out for Fidelity "Tax Reporting
Statement" wording. Fidelity's version of IRS form 1099-B may
have a section with this heading, which has some words underlined:
HPInc/HPE split. Fidelity used 48.85% instead of HPE's suggested 47.15% cost basis ratio for the HP-to-HPE split. (If you wish, you can adjust that value in cell H59 of the "Data" tab of HPAA's Pre-2001 spreadsheet.)
Micro Focus. In 2019, some members received computer generated bills from the IRS related to how Fidelity reported the 2017 HP-breakup transactions to the IRS:
- Seattle Spin Co transaction: Fidelity reported only the Proceeds on this transaction (1099-B column 1d) to the IRS -- but not the Cost Basis (column 1e) -- even though a cost basis amount is shown on the "2017 Tax Reporting Statement" provided by Fidelity. Buried in multiple, complex footnotes, column 1e is listed among eleven columns that were not actually reported to the IRS for that transaction. Footnote (f) says: "Gain/loss information for this transaction is provided based on information available from the company or other sources regarding the aggregate cash and fair market value of share and other property received on the date of the merger. Consult your tax advisor for information on how to report this transaction on your return." "Although Fidelity makes every effort to provide accurate information, please bear in mind that you, the taxpayer, are ultimately responsible for the accuracy of your tax returns."
- MFGP cash in lieu and DXC cash in lieu: Fidelity reported only the Proceeds on these small transactions (1099-B column 1d) to the IRS -- but not the Cost Basis (column 1e) -- even though a cost basis amount is shown on the "2017 Tax Reporting Statement" provided by Fidelity.
References to "National Financial
Services LLC" Fidelity account statements mention this company,
which is Fidelity's stock clearing subsidiary.
Back to: Step
5. Admin/Broker Issues
References to "National Financial Services LLC" Fidelity account statements mention this company, which is Fidelity's stock clearing subsidiary.
Back to: Step 5. Admin/Broker Issues
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