topic Do i have to file a 1099B for $5.32 ? in Investors & landlords

Do i have to file a 1099B for $5.32 ?

marklynnb — Thu, 06 Jun 2019 13:31:07 GMT

TDistribution with the following info: Distribution Date:...

marklynnb — Thu, 06 Jun 2019 13:31:08 GMT

TDistribution with the following info: Distribution Date: 8/4/17, Metlife Inc. Common Stock: 23, Distribution Rate: 1 for 11, Brighthouse Financial Common Stock: 2, Fractional Share: 0.090909, Cash In Lieu Rate: 58.7070848, Gross Amount: 5.34, Tax Ded Amount: 0.00, Net Amount 5.34, 1c: Date Sold: 8/10/17, 1d Proceeds: 5.34, 5: Noncovered Security Checked.

Should I file it?

No. I wouldn't buy expensive software just to tell the IR...

Hal_Al — Thu, 06 Jun 2019 13:31:10 GMT

No. I wouldn't buy expensive software just to tell the IRS I don't owe tax (long term capital gains are taxed at 0% for most people). You're chances of hearing from the IRS are slim. There's no deductible capital loss in what you describe.

All income is reportable, especially income reported on a...

Hal_Al — Mon, 25 May 2020 18:41:54 GMT

All income is reportable, especially income reported on a IRS form like a 1099-B.

A 1099-B will prevent you from using the free edition*.

How did you get a 1099-B for so little? A 1099-B is for the sale of stock or other assets. I suggest you ignore it just to save the TT fees. But, you could very well have a large deductible capital loss from this sale.

*TurboTax also has another free product called the FREEDOM Edition (not to be confused with the regular Free Edition). It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

The FREEDOM Edition can handle a 1099-MISC.

The Freedom Edition is more fully-featured than the regular Free Edition. The Freedom Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot. It will prepare a Form 1040 or 1040A or 1040EZ.

For Freedom Edition a user needs to meet only ONE of these qualifications:

· AGI of $33,000 or less

· or active duty military (including Reservists and National Guard) with a military-issued W-2 and a 2015 family AGI of $66,000 or less

· or eligible for EIC (Earned Income Credit.)

The FREEDOM Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Freedom Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition