I received a 1099b that shows I sold stock but had taxes taken out of proceeds how do I enter it into turbo tax. Do I adjust the sales proceeds for the tax?

posted

Connect with an expert

3 Replies

I received a 1099b that shows I sold stock but had taxes taken out of proceeds how do I enter it into turbo tax. Do I adjust the sales proceeds for the tax?

Are the taxes actually reported to you on the 1099-B, or do you just know that taxes were taken out because some statement prepared by the broker informed you of this?

I received a 1099b that shows I sold stock but had taxes taken out of proceeds how do I enter it into turbo tax. Do I adjust the sales proceeds for the tax?

The taxes are reports on the 1099 reducing the net by over 2500 in some cases.

I received a 1099b that shows I sold stock but had taxes taken out of proceeds how do I enter it into turbo tax. Do I adjust the sales proceeds for the tax?

The income tax paid and reported on the 1099-B can be entered on the program screen when entering the sale of the stock.

See screenshots

Still have questions?