1099-B

[DianeC958]

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

@PCE

[Les1238]

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

[ToddL99]

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.

[nonnaditoro]

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?

[ThomasM125]

@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:

1. Income and expenses
2. Investment income
3. Stocks, Mutual Funds, Bonds, Other
4. Update and edit the investment

[jamesalyn]

What is 1099 B form ? I have never seen this form before and I am not sure why it has shown up this year for my taxes.  I have used Turbo Tax for the last 10 years and I have never seen this form before.  Why am I asked to fill out this form this year.  Not sure how to fill it out or what it is for ?

[VolvoGirl]

A 1099B is for investment sales.  Did you get one or have any sales?  Did you import any 1099 forms from your bank or broker, etc for interest or dividends?  It may have also imported the 1099B.  Or did you say you sold something?  

[jamesalyn]

Might this have anything to do with Bitcoin. 

[james mcarthur]

i need help with 1099-b errors

[james mcarthur]

is anyone there???

[DaveF1006]

Yes, I am here. Can you clarify your issue or issues? We will be patiently standing by for your response. 

[saceil]

I didn't see any place for 1099-B in my Turbotax Delux how do I deal with it 

[mesquitebean]

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@saceil wrote:

I didn't see any place for 1099-B in my Turbotax Delux how do I deal with it 

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What Deluxe product are you using--Online Deluxe or desktop Deluxe software (CD/download)?

Desktop Deluxe can handle a 1099-B, but Online Deluxe cannot handle 1099-B.  If using Online TurboTax that requires an upgrade to Online Premier. 

We can tell you how to get to the 1099-B interview when we know what product you are using.

[pderas]

I posed the following question to AmyC. in a message thread on returning (rolling back) Required Minimum Distributions (RMDs) to an IRA in 2020, because they were deemed unnecessary for the year.

https://ttlc.intuit.com/community/retirement/discussion/re-under-the-cares-act-i-returned-my-rmd-in-...

I have been working on this for months, and it looks like Amy's solution might work.

I have one further question: What do I do with the 2020 Form 1099-B sent to me by Vanguard, which shows my rolled back RMDs as taxable because I routinely send them to an account that holds stock market shares. That account has been in existence since 2013, when I started taking RMDs. I have never before made any withdrawals from that account, except as RMDs.

I rolled back the entire total of my 2020 RMDs to the Simple IRA they came from.

Apparently, their sojourn in a taxable account has me in tax trouble.

The 1099-B shows the following:

2020 Form 1099-B

Proceeds from Broker and Barter Exchange Transactions

Transaction description: TOTAL STOCK MARKET INDEX ADMIRAL SHARES

Quantity sold: 51.286

Date sold or disposed (Box 1c): 06/30/2020

Date acquired (Box 1b): 09/17/2013

Proceeds (Box 1d): 3,911.08

Cost or other basis (Box 1e): 3,017.49

Wash sale loss disallowed (Box 1g): 0.00

Gain/Loss: 893.59

Federal income tax withheld (Box 4): 0.00

State income tax withheld (Box 16): 0.00

[AmyC]

Yes. You took money out of a retirement account, put it into a stock account, then sold the stocks to roll the RMD that was no longer required back into the retirement fund. If that is the case, you sold stock and have to pay. It looks like long term stock was used to reduce the capital gains hit.

@pderas