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posted Jun 3, 2019 1:24:30 PM

I have a 1099b form for a $761.57 loss. Turbo Tax requires an upgrade but I don't know if the return will be worth the extra expense. Please advise

I just want to know if I should include the loss in my tax prep.  I owe the Federal Govt $942 and have a loss of $761.57 but will have to pay around $55 to get the upgrade.

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1 Best answer
Expert Alumni
Jun 3, 2019 1:24:31 PM

Yes, you should report the form 1099-B on your tax return... not because it may or may not be worth it for you to upgrade, but because the IRS has a copy of the form and will be looking for it on your tax return.  You should report the proceeds to avoid summer correspondence from the IRS.  Even if the loss will not impact your tax return greatly, you are required to report it for matching purposes. 

1 Replies
Expert Alumni
Jun 3, 2019 1:24:31 PM

Yes, you should report the form 1099-B on your tax return... not because it may or may not be worth it for you to upgrade, but because the IRS has a copy of the form and will be looking for it on your tax return.  You should report the proceeds to avoid summer correspondence from the IRS.  Even if the loss will not impact your tax return greatly, you are required to report it for matching purposes.