[sherlocke212]

:eek: I am trying to find out how to fill in the blanks to report my 1099-B (from a UTMA fund I cashed out on at the end of 2007) on E-Z file software. My questions have to do with the blank entitled "Price" and the blank entitled "Cost" I have a breakdown sheet from Vanguard that came with the 1099-B but there are no categories that match up to these software terms. They show the amount broken down into short term and long term but there isn't space to put this in the e-file software. I have checked the IRS website and called them and they don't know anything about reporting this using e-file. My last resort is to do it the old fashioned way... Vanguard states that they use the single category method for the cost basis but I'm not sure what that means..
~Lost in PA

[AtlantaTaxExpert]

Price is the Proceeds from the sale; in other words, what you GOT when you sold the stock/mutual fund in the UTMA account.

Cost is what was PAID for that stock/mutual fund when it was bought way back when and includes the reinvested dividends and capital gains (for the jtual fund).

If you have separate long-term and short-term gains, you must enter the long-term on ONE Form 1099-B and the short-term on a SECOND Form 1099-B.