If you received a 1099-B that should not be taxable, you still need to enter it in your return. The IRS will try and match the sales proceeds amount to their copy of the form.
Enter the amount of the sales proceeds and then enter the same amount for the purchase price (basis). This reports the 1099-B, but nets to zero for the gain/loss on the return.
- From within your TaxAct® return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then select Federal.
- Click Investment Income to expand the category, then click Gain or loss on the sale of investments
- Click Capital gain or loss (Form 1099-B)
- Click +Add Form 1099-B to create a new copy of Form 1099-B, or click Review to review a form already created
- On the screen titled Investment Sales - Transaction Details, enter the same amount for the Sales proceeds field and the Cost or other basis field