If you received a Form 1099-B Proceeds From Broker and Barter Exchange Transactions 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 click Federal.
- Click Investment Income to expand, click Gain or loss on the sale of investments to expand, then click Capital gain or loss (Form 1099-B).
- Click + Add Form 1099-B to create a new copy of Form 1099-B, or click Edit to review a form already created.
- Click Quick Entry to scroll down to answer or review all applicable questions or click Step-by-Step Guidance to proceed with the interview questions.
- On the screen titled Investment Sales - Transaction Details, enter the same amount for both the Sales proceeds (total amount - Not a price per share) and the Cost or other basis (total amount - Not a price per share), then click Continue.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.