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:
- 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.
- 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
- Click Capital gain or loss (Form 1099-B)
- Click +Add Form 1099-B 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
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.