I received a 1099-B and a 1099-DIV. I received the 1099-B because stock was sold to cover fees. I actually lost ~$3 when that stock was sold.
On the form I received it said "This purchase basis information is not being reported to the Internal Revenue Service." I understand that I have to report the 1099-DIV. Do I have to report the 1099-B?
Yes, you have to report all your income, and you do need to report the information from the 1099B form that shows the loss.
Where do I enter a 1099-B? https://ttlc.intuit.com/replies/4789365
Make sure you adjust the cost basis to properly reflect the amount that was reported on your w-2 as ordinary income. During the stock sale interview, there is an option to include additional information, you enter the 1099B exactly as received and adjust the cost basis under this section only. Do not use the RSU interview as it complicates the simple sale.
l forgot to report my 1099-B on my taxes the l need to report that?? And how can l do it. If l already file my taxes ☹️☹️☹️???
@wally2323wally wrote:
l forgot to report my 1099-B on my taxes the l need to report that?? And how can l do it. If l already file my taxes ☹️☹️☹️???
You will need to amend the 2021 tax return that you filed to add the information from the Form 1099-B
An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
The federal amended tax return, Form 1040-X, for tax year 2021 is estimated to be available in TurboTax on 03/17/2022