Yes. You need to report it.
The 1099-B helps you deal with capital gains and losses on your tax return.
- You pay capital gains taxes with your income tax return, typically using Schedule D.
- The data from Form 1099-B helps you fill out Schedule D and Form 8949 if needed.
To report form 1099-B on your return:
Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities.
- Open (continue) your return
- Locate the search bar. Search for 1099-B, then select the Jump to link in the search results
- Select Okay! on the screen Time to kick off your investments! OR Yes on the screen Did you sell any of these investments? then Continue
- If you see Your investments and savings or Your investment sales summary, select Add investments or Add more sales
- When you reach Let's import your tax info, choose how you want to enter your 1099-B:
- To import your form, select your brokerage or financial institution from the list. Enter your sign-in credentials for your account, then select Get my form
- If you want to enter your 1099-B manually, select Enter a different way, then select your investment type on the next screen
- On the following screens, answer the questions about your 1099-B
- When you reach the Review your sales screen, the form you just entered should be listed
- If you need to add another 1099-B, select Add another sale. Otherwise, Continue
For more information about this form check: IRS.gov
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