I have received form 1099-B, but $0 for all boxes. Do I need to the Premier upgrade?

[GeoffreyG · Accepted solution]

If you truly have a 1099-B, with zeros in all of the boxes, then you don't need to actually report anything from that statement to the IRS.  Thus, you would not need a Premier upgrade.

On the other hand, if you actually did have some sales activity shown on the 1099-B, even in the absence of a capital gain or a capital loss, then technically that does need to be reported to the IRS.  And in order to do that correctly, you would need tax Form 8938 and Form 1040 Schedule D . . . both of which are only available in TurboTax online with Premier (or Self-Employment).

So, if your 1099-B indeed has no information on it, then you can safely ignore it (and also remain in TurboTax online Deluxe).

On the other hand, if your 1099-B shows a net proceeds figure of some kind, let's say for the sake of example a $1,000 sale of some sort, along with a corresponding $1,000 cost basis (equaling a capital gain of $1K - $1K = $0), then this still a reportable tax item.  This remains true even without any actual gain or loss.  The reason for this is because there is still a $1,000 in gross proceeds amount to report, even if doing so will not truly affect your taxes.

Therefore, those are the facts, as far as required tax reporting is concerned.  With respect to TurboTax, you will need to apply the rules to your own situation, and Form 1099-B, and then decide if you have to upgrade (or not).

Thank you for asking this important question.

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[IronMan123]

I have all $0's on my 1099-B this year, but I had +$ on my 1099-B last year. Turbo Tax still says that I have to upgrade to review the 1099-B this year.

I do not have a 1099-B to file this year, but Turbo Tax says that I still need to upgrade because I had one LAST year. How do I get around this?