I used tax filing requirement tool on IRS website and I found thatTo avoid the possibility of receiving a notice, you may want to file a return when you receive a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, and both:the amount in box 1e of the form is blank, andthe amount in box 1d, when added to your other gross income, is greater than $14,700.But nothing from above 2 conditions apply in my case but box c is marked (Proceeds Not Reported to the IRS) As you can see in attached image that it was only 2 trades and small loss amount like S1.21 (minus = loss)All other conditions for tax filing suggest I am not required to file tax, so do I have to file tax because of these 2 trades that are not reported to IRS?

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seccam

Level 4

Question

Am I required to file tax just because I received 1099-B with box c checked for 2 trades and small loss amount ?

Forum|Forum|2 years ago
October 1, 2023
5 replies
15 views

I used tax filing requirement tool on IRS website and I found that

To avoid the possibility of receiving a notice, you may want to file a return when you receive a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, and both:

the amount in box 1e of the form is blank, and
the amount in box 1d, when added to your other gross income, is greater than $14,700.

But nothing from above 2 conditions apply in my case but box c is marked (Proceeds Not Reported to the IRS)

As you can see in attached image that it was only 2 trades and small loss amount like S1.21 (minus = loss)

All other conditions for tax filing suggest I am not required to file tax, so do I have to file tax because of these 2 trades that are not reported to IRS?

TurboTax Premier Online

Bsch4477

Level 15

If you don’t have a filing requirement you can ignore it.

Ksimenson

Level 6

Hello great question!!

What I would suggest is starting your return in Turbo Tax Basic and see if you owe anything. The only reason you might want to file even if you do not owe would be if you have a loss and want to carry that forward for future returns.

Please reply and help me better understand your tax document and situation.

I sure hope this has been helpful.

If you reply back, I will try to keep an eye open to assist further.

Please give me a thumbs up if this was helpful.

Katie S.

seccamAuthor

Level 4

Thanks,

Since you are TT employee - can you please check my other 2 topics and respond?

https://ttlc.intuit.com/community/taxes/discussion/re-i-am-not-sure-how-to-enter-partnership-sale-info-and-k1-info/01/3092939#M1129784

https://ttlc.intuit.com/community/taxes/discussion/re-bought-turbotax-cd-premier-can-not-import-from-robinhood/01/3092668#M1129675

fanfare

Level 15

In this case you did not receive a 1099-B.

That's what is meant by Check Box C.

you will be taking a loss of one dollar.

However, with TurboTax Online Premier, Schedule D/Form 8949 is included.

@seccam

seccamAuthor

Level 4

I did receive 1099-B but these 2 trades box c is marked -

other trades BOX A or BOX D marked.

I only uploaded portion of BOX C in the image.

NCperson

Level 15

@seccam if your adjusted gross income is less than $14,700 (and excludes social security), there is no requirement to file in 2022.

I assume you are over 65 since you are stating the $14,700 which is filing SINGLE and over 65 years oild for 2022.

For 2023, the comparable number would be $15,700.

frankly if the loss carryforward is $1,00, I wouldn't spend the time to file, it is not worth it.

seccamAuthor

Level 4

Thank you.

Yes you are right about age and income is less than $10k.

I think I know the answer but want confirmation.

if I have foreign passive income and but less than 10k, DO I have to file tax return ?

I know if I choose not to file I may not get the foreign tax credit (which is not much so I don't care anyway)

Mike9241

Level 15

the amount in box 1d, when added to your other gross income, is greater than $14,700. gross income

includes gains but not losses from security transactions so since the loss doesn't count and you're under $14700 in gross income filing is not required

i wouldn't file based on what you provided. should the IRS ask for a return, which is doubtful, it might be cheapest at that point to prepare a paper Form 8949, schedule D and form 1040.

https://www.irs.gov/forms-pubs/prior-year

since you have no tax there would be no penalties for filing late.

Mike9241

seccamAuthor

Level 4

Thanks can you please confirm.

I have foreign passive income which is still way below income threshold.

so does foreign passive income trigger the requirement of filing?

I know if I don't file I may not claim foreign tax credit (on the taxes I already paid to foreign country but its not much so I don't really care for it)

As you I am the same person who asked you about K1 and K3