You can enter your 1099-B information in your account by going to:
- Federal Section
- Income (Enter Myself)
- Capital Gain and Losses Schedule D
- Capital Gains and Loss Items - Enter the 1099 B information
You receive a Form 1099-B from a broker or barter transaction. The information is generally reported on a Form 8949 and/or a 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.
Currently, the program does not have the option to import your transactions into the program. If 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 either long term or short term.
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:
| 1099-B Box# | How to Report |
| Box 1A | Description of Property- A brief description of the item or service for which the amounts are being reported (Apple Stock, Shares of Google stock) |
| Box 1B | Date Acquired- Date the item was purchased |
| Box 1C | Date Sold- Shows the date of sale or exchange |
| Box 1D | Sales Price- The cash proceeds reduced by any commissions or transfer taxes related to the sale |
| Box 1E | Cost- The cost or other basis in the securities (original price) |
| Box 1G | 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) |
| Box 3 | Check if proceeds are from Collectibles or QOF |
| Box 4 |
Federal Tax Withheld- shows backup withholding and must be reported in the program under other Federal withholdings. Go to:
|
| Box 12 |
Check if cost basis is reported to the IRS |
| Box 16 |
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:
- Federal Section
- Income (Enter Myself)
- Capital Gain and Losses Schedule D
- Other Capital Gains Data (including Capital Loss Carryover)
For more information, see:
