1099 B

Forum|Forum|4 years ago
March 13, 2022
1 reply
3 views

First time I see 1099 B on Federal tax form. All of the info was uploaded unto the site however there is this field that I just dont know what to enter.

Tittle

How did you receive this investment?

Now, I dont do any of the trades myself. The bank brokers do everything for me so I am not sure what am I to do. Safe to assume I need to enter I purchased it considering I never made trades myself. Just want to make the right entries. Someone help. I dont know what I need to enter since this isnt found/reported on the 1099 B form

RaifH

Level 10

Yes, you want to enter I purchased it.

Even if a financial advisor or a broker actually decided what items to buy and sell, for tax purposes, it is still treated as though you were the one making the purchase.

tanniaortegaAuthor

Level 2

What should be entered under

What type of investment did you sell?

Would mutual fund, index fund or ETF be the correct option to choose under that. Since it was all purchased by the bank?

JillS56

Level 10

To enter a 1099-B go to:

The Federal Taxes tab (or Personal, if working in TurboTax Self-Employed/Home & Business),
Then select Wages & Income,
Then Investment Income,
Then Stocks, Mutual Funds, Bonds, Other. Follow the prompts to enter the 1099-B information. This will require an upgrade to TurboTax Premier online, since a Schedule D will be prepared.

Match your entries with the box numbers. Under Sales you are going to choose either short term or long term. Short term is anything you owned for less than a year and long term is anything you owed for more than a year.

You will need to know the:

Type of Sale: Most likely it is a Stock Sale
Description: (Box 1a) Name of the Stock Sold
Acquisition Date (Box 1b) (if it says various - click on the box that says something other than a date
Sale Date (Box 1c)
Sale Price (Box 1d)
Cost Basis (Box 1e)

These should all be identified on the 1099-B