topic I have a 1099-B form from Acorns Securities, the auto-investing app. I've made about $8.35, do I really need to fill out the 1099-B form? Seems like a lot of work.. in Retirement tax questions

I have a 1099-B form from Acorns Securities, the auto-investing app. I've made about $8.35, do I really need to fill out the 1099-B form? Seems like a lot of work..

spassler — Sat, 01 Jun 2019 00:31:27 GMT

I'm using the Acorns app but haven't really made much at all. There a bunch of line items that I need to enter and it will take some time to do so. Do I really need to fill all this information out for 8 dollars?

Unfortunately, the IRS requires you to report all your...

ToddL — Sat, 01 Jun 2019 00:31:28 GMT

Unfortunately, the IRS requires you to report all your income on your income tax return.

Having said that, if you don't report the 1099-B, the IRS may send you a notice of Proposed Increase in Taxes later this year.

They will calculate the tax due (plus interest and penalties) and you can send them a check (no amended return necessary). On $8, that might total $1 or $2 at the most.

Re: Unfortunately, the IRS requires you to report all your...

llfoster62 — Wed, 23 Mar 2022 23:07:41 GMT

For Acorn Securities what section do i fill out. stocks, mutual funds etc. or undistributed Captial Gains. Monies were taken out of the account.

Re: Unfortunately, the IRS requires you to report all your...

JulieS — Wed, 23 Mar 2022 23:24:58 GMT

If you have a Form 1099-B, you need to file in the section called Stocks, Mutual funds, Bonds, Other.

This how to report your 1099-B information:

Select Federal from the left side menu.
Select Wages and Income toward the top left.
Scroll down/ expand the list and look for Investment Income.
Find Stocks, Mutual Funds, Bonds, Other and click on Start or Update to the right.
On the screen titled, Did you get a 1099-B or brokerage statement for these sales? answer Yes.
At this point you can import, upload or enter manually your 1099-B.
Keep going until you complete the section.

You may also have 1099-DIV or 1099-INT information. Those are both enter in the Interest and Dividends section.