1099-B

Forum|Forum|6 years ago
February 11, 2020
5 replies
59 views

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

TurboTax Home & Biz Windows

Best answer by DoninGA

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

DoninGA

Answer

Level 15

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

JD44Author

Level 2

Excellent - thank you!

ditret00

Level 2

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

ThomasM125

Level 15

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.

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Carlij23

Level 2

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.

Les1238

Level 2

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

ToddL99

Level 13

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.