topic Re: 1099-B in Get your taxes done using TurboTax

1099-B

JD44 — Tue, 11 Feb 2020 20:57:26 GMT

Can I enter a 1099-B Form in my turbotax Home & Business software?

Re: 1099-B

DoninGA — Tue, 11 Feb 2020 20:59:59 GMT

The Form 1099-B is supported by Home and Business

To enter an investment sale from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

Re: 1099-B

JD44 — Tue, 11 Feb 2020 21:13:38 GMT

Excellent - thank you!

Re: 1099-B

don1936fido — Mon, 17 Feb 2020 17:00:02 GMT

My first 1099-B form.

I own Stock in GE. During the year, GE purchased another company, WABTEC. This resulted in a transaction where I received some WABTEC stock. I received a 1099-B form, and in addition, I received a 1099-DIV for the WABTEC stock. Is that correct?

Re: 1099-B

JohnW222 — Mon, 17 Feb 2020 17:08:27 GMT

That would seem to be appropriate.

Re: 1099-B

solorunner 100 — Wed, 04 Mar 2020 03:54:11 GMT

I have a 1099 B from Colorado Farm Bureau because they sold some uncovered securities while I was a member. I see how to enter the amount but there is also a sum listed as federal tax deducted and I cannot find a way to enter that in turbo tax premiere

Re: 1099-B

solorunner 100 — Wed, 04 Mar 2020 03:55:01 GMT

I understand these steps but do not see a way to record the federal taxes paid

Re: 1099-B

VolvoGirl — Wed, 04 Mar 2020 03:59:23 GMT

Look for a button. To enter withholding on a 1099B click on I'll enter additional info at the bottom.

Re: 1099-B

pgw3 — Sun, 08 Mar 2020 20:55:03 GMT

can you enter 1099-b in turbo tax premium

Re: 1099-B

DoninGA — Sun, 08 Mar 2020 20:56:55 GMT

@pgw3 wrote:

can you enter 1099-b in turbo tax premium

Yes, the TurboTax Premier edition support entry of a Form 1099-B

To enter an investment sale from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

Re: 1099-B

VolvoGirl — Sun, 08 Mar 2020 20:57:20 GMT

There is no premium version. If you mean Premier then yes you can enter a 1099B.

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

Re: 1099-B

ditret00 — Tue, 24 Mar 2020 20:37:44 GMT

The way to enter info for 1099-B is not very clear. It took me a long time to figue out what to do about it for my particular case. You need to expand on it for different scenarios

Re: 1099-B

Carlij23 — Tue, 24 Mar 2020 21:59:56 GMT

I have a 1099 B form, but some of the boxes like Box 1b say unknown. Along with box 1e saying unknown. It won't let me advance without this information.

Re: 1099-B

ThomasM125 — Wed, 25 Mar 2020 00:15:17 GMT

Box (b) is the date you acquired the stock. It is significant to determine if the gain or loss on sale of the stock is long term (more than on year) or short term (less than on year). If you don't know exactly when the investment was acquired, you can pick a date the will result in the correct time period of one year or more for the amount of time you owned it.

Box (e) is what you paid to acquire the stock. If you don't know what that was, you can enter 0 for the entry, but that will probably result in a higher tax than if you enter the actual cost basis.

Re: 1099-B

PCE — Fri, 10 Apr 2020 19:27:37 GMT

I am having the same problem from the Farm Bureau demutualization. My two member LLC also got a 1099-b form and I can't figure out how to enter that in turbotax business...any ideas? Also, I am having the same problem as you on my personal form. Did you figure it out? Really appreciate your help. Thanks.

Re: 1099-B

DianeC958 — Sun, 12 Apr 2020 18:07:29 GMT

You enter the information from your 1099-B in the Income Section of TurboTax Business, Investment Income, Capital Gains or Losses.

@PCE

Re: 1099-B

Les1238 — Tue, 16 Feb 2021 16:16:28 GMT

Why do I have to inter a form 1099-B and where do I find it?

Re: 1099-B

ToddL99 — Tue, 16 Feb 2021 16:33:20 GMT

Form 1099-B is used to report proceeds from the sale of investments - stocks, mutual funds, bonds and other financial instruments (e.g. options). In many cases, they include cost basis information and calculate your taxable gain; in some cases only the proceeds are reported and you have to enter the cost basis.

They represent either a taxable gain or deductible loss, so you must report them on your tax return in the Stocks, Mutual Funds, Bonds and Other interview of Personal Income > Investment Income.

Re: 1099-B

nonnaditoro — Fri, 26 Feb 2021 21:19:43 GMT

TurboTax 2020 is not calculating my cost basis for 1099-B. I should have no gain BU software is not including the cost basis. How do I correct this?

Re: 1099-B

ThomasM125 — Fri, 26 Feb 2021 22:44:29 GMT

@nonnaditoro Often, the broker that issued your form 1099-B will not report the cost basis of your trades for various reasons. So if you import the form into TurboTax, your cost basis will not populate. When this happens, you need to determine what the cost basis is and enter it.

You can edit your form 1099-B entry by using these menu options in TurboTax:

Income and expenses
Investment income
Stocks, Mutual Funds, Bonds, Other
Update and edit the investment