You can enter your 1099-B information in your account by going to:
- Income (select my forms)
- Stocks, Mutual Funds, Cryptocurrency, Collectibles, etc.
You receive a Form 1099-B from a broker or barter transaction. The information is generally reported on Form 8949 and/or Schedule D as a capital gain or loss. Capital gains and losses occur when a taxpayer sells a capital asset such as stocks, bonds, or the sale of your main home.
If you are unable to import or access the CSV upload option (not available for all packages) and you have multiple transactions, you may enter each transaction separately or you may group multiple transactions together as one transaction if they are for the same company and the transactions are all either long term or short term.
Grouping these like transactions means you should have two to three separate Capital Gain and Loss Item entries for Various Short term, Various Long Term covered and Various Long Term noncovered. Your 1099-B copy will commonly have the transactions broken down into these totals already. Covered assets reference if the cost basis of your asset is reported to the IRS from financial company. Noncovered means that the cost basis was not reported to the IRS from financial company. This should be reported to you in Box 12 of your 1099-B or commonly with a box for covered that would be checked or blank (noncovered).
Please make sure to keep all records for the IRS regarding these transactions in case the IRS request these documents. Use this table to determine how to report your 1099-B items in the program:
|How to Report
|Description of Property - A brief description of the item or service for which the amounts are being reported (Apple Stock, Shares of Google stock)
|Date Acquired - Date the item was purchased (If grouping transactions Various Short term or Various Long Term can be selected with the alternative method)
|Date Sold - Shows the date of sale or exchange (If you previously selected Various for the date acquired, please use the last date included on your 1099-B for date sold)
|Sales Price - The cash proceeds reduced by any commissions or transfer taxes related to the sale
|Cost - The cost or other basis in the securities (original price)
|Adjustments - Amount of nondeductible loss in a wash sale transaction or the amount of accrued market discount. (Not a common field - only enter if noted on Form 1099-B)
|Check if proceeds are from Collectibles or QOF
Federal Tax Withheld - shows backup withholding and must be reported in the program under other Federal withholdings. Go to:
Check if cost basis is reported to the IRS (If the box for covered is checked then the cost basis is reported to the IRS, if not checked then then cost basis is not reported to the IRS noncovered)
State Tax Withheld - Shows state withholdings and must be reported in the program under other state withholdings. Go to:
If you have additional capital gains and losses after entering an item, select "Save & Enter Another" or "Add a Capital Gain/Loss".
Total Losses are limited to a $3,000 ($1,500 for Married Filing Separately) Capital Loss per year. Any Carryover amount will be automatically calculated and reported on the Capital Loss worksheet. You may use the loss carryover amount on your next year’s return. In the next year go to:
- Income (select my forms)
- Capital Loss Carryover