There are many reasons you could have received a notice regarding your Form(s) 1099-B. The most common reasons are listed below:
- The form was never entered into the TaxACT program and the income was not reported elsewhere on the return.
- Entry error:
- Example of a transposed number: The number that should have been entered was $21,123; instead the user entered $12,123. This would have caused a difference of $9,000 in underreported taxable income.
- Example of an omitted number: The number that should have been entered was $21,123; instead the user entered $2,123. This would have caused a difference of $19,000 in underreported taxable income.
- You may have imported your stock transaction information from an outside company such as GainsKeeper or imported a .CSV file, but never reviewed the transactions to ensure each was reported properly.
To review and/or modify your entries for Form 1099-B Proceeds from Broker and Barter Exchange Transactions
- From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
- Click Investment Income to expand the category and then click Gain or loss on sale of investments
- Click Capital gain or loss (Form 1099-B)
- Click Add to create a new copy of the form or click Review to review a form already created
- The program will proceed with the interview questions for you to enter or review the appropriate information