topic Re: Investment in Get your taxes done using TurboTax

Investment

JohnfromMD — Fri, 04 Feb 2022 17:19:06 GMT

1. What do I report from the 1099B? Do these amounts flow into a form 8949?

2. In the documents our broker provided, there is a listing of Fees & Expenses. Are any of these deductible?

Let me know, please.

Thanks!

John Walter

Re: Investment

DianeW777 — Fri, 04 Feb 2022 17:36:30 GMT

Yes, the amounts will flow to the Form 8949 once the entries are made for the Form 1099-B. TurboTax will do this for you automatically.

Do I need to fill out Form 8949?

Yes, the fees and expenses can be used to reduce gain IF box 6 on your form has a check mark in 'Gross proceeds'. If 'Net Proceeds' is checked then the fees have already been used to reduce the Proceeds in box 1d.

Where do I enter Form 1099-B?

Re: Investment

JohnfromMD — Fri, 11 Feb 2022 01:20:50 GMT

In response to your reply on the 1099 (I meant 1099-DIV), the issuer provides a summary document. Number 6 does not have a place for Gross Proceeds. There is a place for an amount and it is $0.

Re: Investment

VolvoGirl — Fri, 11 Feb 2022 01:28:54 GMT

The prior answer was for form 1099B for Sales. If you have a 1099 Div just enter it. Do not enter zeros. There would not be a gross proceeds for dividends. Dividends go on Schedule B if they are more than $1,500.

Enter a 1099-Div under

Federal Taxes tab

Wages and Income

Interest and Dividends

Dividends on 1099-DIV - Click the Start or Update button

Re: Investment

JohnfromMD — Fri, 11 Feb 2022 01:41:22 GMT

Okay, but what about the Miscellaneous Fees and Expenses (identified as Management Fees)?

Thanks!

Re: Investment

JillS56 — Sun, 13 Feb 2022 00:25:53 GMT

The miscellaneous fees and expenses (identified as Management Fees) are not reported on the 1099-B entry screen. Management Fees have historically been reported on Schedule A subject to the 2% of AGI floor. Unfortunately, in 2018 the Miscellaneous deduction of 2% of the AGI Floor section was eliminated under the Tax Cut and Jobs Act of 2017. This cut is for the period of 2018 through 2025.

Currently, you cannot claim these management fees.