How do I enter a 1099-B Proceeds from Broker and Barter Exchange Transaction

[rhanmerp]

from Wells Fargo.

[Coleen3]

Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities.

Here's where you enter or import your 1099-B in TurboTax:

1. Open (continue) your return if it's not already open.
2. In TurboTax, search for "1099-B" or "1099B" (lower-case also works) and then select the "Jump to" link in the search results.
3. Answer Yes to Did you sell any investments in 2018? 

• If you see Here's the investment sales info we have so far, select Add More Sales.
• If you're in Free Edition or Online Deluxe, follow the instructions to upgrade to Premier.

1. Answer Yes to Did you get a 1099-B or brokerage statement for these sales?
2. At Choose your bank or brokerage or Let Us Enter Your Investment Sale Info, choose how you want to enter your 1099-B (import or type it in yourself).
3. Follow the onscreen instructions.

[hmolitor754]

hoe do I input info from broker 1099 b

[VolvoGirl]

You can enter a 1099B manually or try to import it.  If you import it be sure to check it over close and make sure the cost basis got imported and is right.  How to import your 1099

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-my-1099/00/26254

Enter a 1099B  under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income

Then scroll down to Investment Income,

Then Stocks, Mutual Funds, Bonds, Other - click Start or Update

[daradfor]

There is no option in the pull down list to select Proceeds from Broker and Barter Exchange Transaction. Why want should be used instead?

[JohnB5677]

The selection for a Broker and Barter Exchange Transaction is Stocks, Mutual Funds, Bonds, Other

Here's where you enter or import your 1099-B in TurboTax:

1. Open (continue) your return.

1. Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other

1. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
   • If you see Here's the info we have for these investment sales, select Add More Sales.
2. Answer Yes to Did you get a 1099-B or brokerage statement for these sales?
3. At Let's get your tax info, choose how you want to enter your 1099-B (import or type it in yourself).
4. Follow the instructions.

After entering or importing your 1099 B be sure to review the detail.  From time to time your broker does not know what your basis was (amount you paid for the investment), and it will be blank.  This will result in owing excess taxes.  You can be manually enter a correction.

@daradfor

[robrogan]

I can make another post about this, but I'm curious how people handle MIU (management incentive units)? 

I have a 1099-B and just got a small portion that was retained by the broker from the sale of a company last year. It's not a stock or investment of any kind, and yet I'm being pushed to classify it like one. 

[DaveF1006]

It depends. Management Incentive Units (MIUs) are a form of equity compensation often issued by private companies, typically structured as LLCs, to reward or incentivize employees, management, or consultants. They are distinct from traditional stock options or investments because they are tied to the company's profits rather than its capital. Here's how they are generally handled:

1. Tax Treatment: MIUs are often treated as profits interests, meaning they are taxed based on the value of the company at the time they are granted. Any subsequent appreciation in value is taxed as capital gains when the units are sold or liquidated.
2. If your broker gave you a 1099-B for selling MIUs, it might be because the transaction was done like a stock sale. However, since MIUs aren't traditional securities, you may need to adjust the classification. ‌In this case, when it asks what type of sale is it, classify it as "other".
3. Retained Portion: The portion retained by the broker could be for taxes or fees. This is common in transactions involving equity compensation.