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Capital Gains and Losses

The information from Form 1099-B will need to be entered correctly into the software so the data regarding a sale of an asset will be reported on Form 8949, Schedule D, and Form 1040, Line 6.

To enter Form 1099-B for your capital gain or loss transactions:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand the category and then click Gain or loss on sale of investments
  3. Click Capital gain or loss (Form 1099-B)
  4. Click +Add Form 1099-B to create a new copy of the form or click Review to review a form already created 
  5. The program will proceed with the interview questions for you to enter or review the appropriate information

By entering data for a Form 1099-B, a Form 8949 and Schedule D will be created. The information from Schedule D populates on Form 1040, Line 6.

Please refer to IRS Publication 550 Investment Income and Expenses, for additional information.

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